Identifying Growth Opportunity and Creating an Action Plan
A middle-market, privately held company wanted to expand into additional product categories as a way to diversify its revenue base. The SVP of Product, Marketing, and Engineering needed to understand the market growth potential, competitors within the market, and product requirements needed to win but did not have the internal capability or capacity to do this work.
Fast-Cycle X executed a multi-phased project that first identified the market size and growth potential using a combination of demographic data, competitive sales analysis, and iterative research that quantified potential growth tied to increased awareness of this new product category. After this stage, Fast-Cycle X conducted an assess-the-landscape of competitive products available in the market to establish minimum requirements as well as areas for improvement. Lastly, Fast-Cycle X recommended a new product development and market entry process that established clear requirements at each stage to ensure the final product would exceed customer expectations, meet or exceed internal financial metrics, and had adequate marketing and sales support to enter the market.
The product development team is current executing the internal development process and the product is on track to exceed customer expectations relative to other products within the market. The overall project is meeting or exceeded financial benchmarks.