“Exploration is the engine that drives innovation. Innovation drives economic growth. So let’s all go exploring.”
Innovation is the lifeblood of all successful, healthy and sustainable businesses. Innovation helps companies remain relevant and competitive. It strengthens existing revenue streams and creates new ones. It recognizes and leverages constantly evolving consumer wants/needs and market conditions. Innovation involves the development of entirely new products as well as enhancements to existing products, product-line extensions and the identification of new product applications.
The importance of innovation can’t be over-stated, and in today’s world, it is critical to a brand’s survival. Those brands–big or small–that do not embrace innovation are sure to be surpassed by their competitors who do.
MSI helps our clients discover new opportunities through the application of a series of innovation research methods ranging from the identification of unmet needs and wants to the development of a fully optimized product offering.
So let’s go exploring!
White Space Opportunity Analysis – An examination of consumers’ wants and needs and how well those wants and needs are being met helps identify potential areas of new product development efforts.
Concept Screening – A first-line understanding of how strongly concepts resonate with potential target consumers is paramount. We can help assess overall reactions, how well a concept meets needs, how the concept could be improved and concept features that drive/deter interest and purchase likelihood. This serves as a base of information on concept potential and concept enhancement.
Product Optimization – We can help you identify the best combination of features and price to maximize appeal, market share and profitability. We typically employ some type of tradeoff technique, such as choice-based conjoint or discrete choice analysis and try to mimic the actual purchase experience as closely as possible.