Tag: product launch

Product research

Enhancing Product Development Strategies for a Consumer Electronics Company – A Product Research Engagement

The world is quickly and constantly transforming with the advent of advanced technologies. This rapid pace of change has heavily affected the consumer electronics industry, which brings in the biggest and newest innovations every year. In this competitive business world, for product-oriented companies, it becomes imperative to launch new products to differentiate themselves from competitors and drive revenues.

New product development and marketing is not an easy task, especially when it comes to launching a new technology product. Given the multitude of new products available in the market, it becomes extremely difficult for companies in the consumer electronics market to set themselves apart from the global competition. This is where the real importance of a product research strategy is realized by companies looking to position themselves competitively in the consumer electronics industry. For over 15 years, Infiniti’s product research strategy has helped many organizations to formulate a smart approach and successfully introduce a new product in the market.

Launching a new product is a daunting task and can cost you dearly if you don’t plan them properly. Request a FREE brochure to know more about our services portfolio and to know how our product research engagement can help your business plan better product launches.

Business Challenge

The client is a consumer electronics company based out of the United States. The company employs around 11,000 people and has nearly 79 outlets. The client introduced a new product in the market, but, unfortunately, the product failed to succeed. The main reasons behind the product’s failure were the management’s failure to exploit new market opportunities and their inability to leverage digital platforms effectively. This failure subsequently affected the company’s sales rate and the company failed to make enough profits. During this time, the company lost about $7.8 million.

The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering product research solutions. With Infiniti’s product research solution, they wanted to introduce new products with good market demand. Also, they wanted to make improvements to their existing products lines.

Other challenges faced by the client included:

  • They were facing predicaments in analyzing their customers’ needs and technology adoption. by leveraging Infiniti’s solution, they wanted to identify products with the best market demand.
  • Due to the evolving customer attitude, they faced major challenges in positioning themselves in the market. Therefore, before launching new products in the market, the client wanted to analyze their target customers and build effective marketing plans to successfully sell their products to the intended customers.
  • Cost reduction was another major motive of the client. With the aid of an accurate product research engagement, the client wanted to reduce costs by using lower-cost materials, eliminating features that the market does not need, and by redesigning the product to simplify the manufacturing process.

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What is product research and development?

Launching a new product can be an exciting task for any company. Whether it is the first product the are offfering or an upgrade, the excitement associated with a new product launch cannot be undermined. However, before presenting new product to the masses, every company needs to perform a thorough product research to better understand the market demand.

The goal behind any organization investing time and effort in product research is to quantify or increase business knowledge. And if the business has plans to introduce new products in the market or try any new function, it won’t be wise on its part to just gather information about the product and market them. Rather, understanding the market requirements and competitor offerings can help better market the product.

Importance of product research

Gaining a competitive edge – Companies that undertake regular product research have a higher chance of succeeding in the global market compared to their competitors.

Manifold increase in sales – There is a direct and undefined connection between the efforts undertaken by an organization for product research and the performance of a company. Thus, it can be said that product research subsequently improves the sales rate.

 

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IR21

Challenges in Marketing a New Product and Ways to Overcome Them

Generating organic growth in the next decade will largely depend on a company’s ability to create new products, business models, or services. As simple as it may sound, many of these efforts often fail. According to the industry experts are Infiniti Research, a new product launch is highly challenging as only about one in five among these survive for more than a year in the market. Consequent to these poor success rates, businesses often face massive losses. As the cost of introducing a new product in the market is high, it is vital for companies to develop capabilities that will help them in successfully marketing a new product. The go-to-market strategy should be based on precise calculations and data-based strategies that will minimize the chances of failure.

Planning a new product launch? We’ve got your back! Request a free brochure to learn how Infiniti’s data-driven solutions can help you foresee market challenges and devise an effective go-to-market strategy.

Here are some of the common challenges faced by companies while marketing a new product in the market. We also reveal how to overcome them:

Brand messaging and product positioning

Marketing a new product involves convincing the audience that they need your product. But the challenge here is to get the message across in such a manner that it resonates with the audience. If the marketing team is unable to create explicit brand messaging and product positioning strategy, the success rate of the product will consequently plummet.

Solution: Make it a point to promote the best features of a product that will benefit customers the most rather than merely promoting the brand or the product. Begin with targeting the right audience. This will enable to create better brand positioning strategies to suit the needs of the target audience. It can also help to better understand the problems faced by this group of people and communicate how your product can help solve it. Take the instance of Coca-Cola or McDonald’s who have started introducing healthier options as they were experiencing a drop in shares due to the changing preferences of consumers towards low-calories and low-sugar foods and beverages.

Request a free proposal to know how we can help enhance your product positioning strategy while marketing a new product

 Audience targeting

Marketing strategy for new products becomes immaterial if you are not targeting the right audience. Going by random assumptions and stereotypes about a particular demographic favoring your product and a lack of proper research could prove to be a grave mistake while marketing a new product. This could also result in companies missing out on a potential audience base.

Solution: Thorough understanding of the audience and effective market research are essential elements for successfully marketing a new product. Identify which demographics conduct the most searches for your product category. Using the right tools to evaluate and target the right audience are also crucial while marketing a new product.

Marketing the product launch

Even the most revolutionary products might not take off in the market unless they are backed by a strong marketing strategy. The success of marketing a new product largely depends on your ability to choose the right platform to reach out to the target audience, and revealing just enough information to stir curiosity, and updating your audience on your progress so as to maintain their interest and build hype.

Solution: Firstly, ensure that you are using the right platform to reach out to the target audience.  The whole idea here is marketing a new product where the target customers are. Creating intriguing teasers and promotion strategies to build hype among the audience is a great way to launch a new product into the market.

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IR24

How to Rollout a Successful Biopharmaceutical Product Launch Plan

A product launch is no child’s play, a significant amount of planning and execution strategies are decided on before the actual product launch. A product’s performance during its launch often indicates how successful it will be during its life cycle. Take the example of the movie business; the opening weekend is the critical barometer to predict how popular the movie will turn out to be at the box office. That dynamic holds true in the biopharmaceutical industry as well. However, in the current market scenario, biopharmaceutical product launch is more challenging than ever before. Rising regulatory issues, growing stakeholder expectations, numerous market-access hurdles, and stiff competition are some of the critical hindrances coming in the way of biopharma companies. So how can players in the biopharmaceutical space overcome these hurdles and roll out a successful product launch plan?Request Free Proposal

Create a game plan

Managers need to think strategically if they aim at leading their team to victory in the case of a product launch. They must take into account market conditions, how much companies have spent to support a competing product, and the product’s positioning at a particular point in time. Considering only competitors’ past actions leaves managers unprepared to react to changes in rivals’ tactics. Instead, companies must plan for the “game” that lies ahead, predicting the successive moves that competitors might make in to tackle a new market entrant. War-gaming can prove to be a useful tool for identifying possible market disruptions, study the probability of various competitive actions, estimate their impact, and design an appropriate response.

Cross-functional market access team

Traditionally, winning in the marketplace has been achieved by having sales representatives continually communicating information about a product’s efficacy and safety directly to physicians. Today, biopharmaceutical companies need to effectively make the case for their product to a host of payers and health technology assessment (HTA) agencies, which are now operating in most markets. Though many companies have a market access team, it rarely includes individuals from different verticals across the organization. To have a constructive conversation with payers, companies must create a cross-functional market-access team comprised of individuals from various departments such as R&D, sales and marketing, and medical affairs. This team can get in touch with payers and HTA agencies and then keep them updated on the decisions made throughout the R&D process. The team should especially communicate the type of patient populations that are being targeted and the expected benefits. This will give payers and HTA agencies the opportunity to provide guidance on the kind of efficacy and safety data they would be looking for.

Innovative pricing

Price increases have been a significant driver of growth for pharmaceutical companies, accounting for 65% of the industry’s growth worldwide. Although the biopharmaceutical industry has relied heavily on price increases, it is not leveraging pricing as a tool for gaining competitive advantage. Biopharmaceutical companies should study innovative pricing strategies during product development and make pricing a core pillar of the product’s profile. Innovative pricing is often critical to gaining market access and receiving reimbursement.

Build stakeholder relationships

The ideal biopharmaceutical selling model focuses on a single channel: the physician. But this approach is no longer relevant in a world where myriad stakeholders exert significant influence over prescribing decisions. A consistent challenge is getting a comprehensive view of which stakeholders matter the most, who is connected to whom, and who influences the stakeholder network. Social-network analysis helps biopharma companies to identify which institutions or individuals – key opinion leaders, payers, HTA agencies, guideline committees, or physician and patient groups are the most influential across stakeholder groups.


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Answers to the questions

5 Steps to Follow if Product Development is on the Cards for Your Business

The need to diversify and add new product lines into your business or modify existing products is an essential element of growth for most companies. But the catch here is that product development is not a piece of cake. An immense amount of research, planning, time, money, and effort are channeled into product development. Hence, companies planning on developing a new product or modifying existing ones must ensure that they undertake calculated planning rather than jumping the gun before to a product launch. In fact, according to experts, the failure rate for a new product launch is often as high as a whopping 90% in some sectors. To increase the odds of your product not having to face the same fate, here are five product development steps to follow:

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#1: Identify an opportunity

The starting point for any product development should be to identify the needs of current and potential customers, their level of satisfaction with the competitors’ offerings, their consumption habits, and the technical possibilities for improving the existing products. To achieve this objective, it is vital for companies to have managers with considerable experience and a strategic vision of the company, the clients, the competition, and the suppliers. When you identify a gap between what is being offered and what the actual demands are, it sparks the idea for a product launch.

#2: Measure the opportunity

Once information on market trends and the strategic objectives are gathered, the next step is to analyze the segments that the product is geared toward and predict future buying habits as accurately as possible. Companies can also rely on several product development tools that can help them identify the needs and systematically group them by established criteria.

# 3: Build the concept

In this phase, the new product idea is refined to serve the needs of potential clients and differentiate products from the competition. But how can businesses achieve this? To deal with this situation., begin with getting opinions from leading users who may foresee future needs in the market. Furthermore, build a team with expertise in various disciplines. This includes design and production people for the technical requirements, marketing experts for reaching out to customers, and finance and management experts for determining the funds that are available.The ultimate aim of this step is to stand out from the competition, satisfy the client, and show the highest potential for turning a profit.

# 4: Create a prototype

Testing is an essential step in determining the likeliness of a product to succeed or fail after the product launch. Creating a prototype will also help identify the flaws in the product and make the necessary changes before it is too late. This phase will also help the company to analyze whether a there is a healthy equilibrium between the launch cost and the product’s capacity to return a profit. It is advisable to keep in mind that investing in cost reduction at an early stage can increase profitability in the long run. Cutting down product prices can boost market share, which, in turn, trims distribution costs and discourages the competition.

#5: Product positioning and product launch

Once the product is designed and studied thoroughly, the next step is to decide on its strategic positioning. This is concerned with how you want potential customers to perceive the product? This stage needs to take into account economic factors and functional and emotional factors. Companies should identify how they can create an impact in the minds of the customers regarding the product. This will act as a primary driver for customers to buy the product after the product launch.


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