New product development & concept testing
To gain – and maintain – a distinctive edge in the financial services and professional services marketplaces where high competition and 'churn' are constant factors, your product and service innovation must begin with an intimate appreciation of your customers’ needs, motivations and aspirations.
Consensus can provide you with both the New Product Development (NPD) market research expertise and the specialist sector knowledge you need to achieve your objectives and find success. Our services include:
- Target market specification: identifying exactly who and how many might be attracted to your latest concept.
- Competitor analysis.
- Brand analysis and market perception of brand values and reputation.
- Marketplace ‘noise’: the potential impact of external events or media coverage on market perception of your new idea.
- Interactive Client-Participation Workshops where you can brainstorm and learn from your customers at first hand.
- Computer-based choice modelling using conjoint analysis and pricing techniques including brand/price trade off and price sensitivity modelling.
The decline in the longer term savings market promoted one of the world’s leading investment specialists to seek our help in developing an interactive investment planning tool for use on their direct investing website. The aim was not to give advice but to guide potential investors step by step towards making more informed, sensible decisions.
Our solution was to deconstruct the investment decision-making process and fully explore each crucial stage and the thought processes involved. Recognising that a fundamental barrier to successful investment is a lack of time or logic on the part of the individual, we carried out Interactive Client-Participation Workshops, including a pre-task element for the people involved: an engaging, interactive approach that our client welcomed and embraced.
You can also read more about our Interactive Client-Participation Workshops here.
