Case Study: Customer Strategic Planning and Competitive Benchmarking for New Product Development

Client Profile

Our client is a German-based beauty product manufacturer, offering a comprehensive range of hair and skin care products across the country. Looking for expansion, the client decided to launch a whole new nail care range in the market. They wanted us to evaluate industry standards, assess current market players and identify target audience & their needs to bring the product to market, while refining marketing strategies.

Challenges
  • Study competitors, their product range and price sensitivity across segments, while estimating the market opportunity
  • Identify the target audience and enlist their detailed characteristics, preferences and buying habits
SunTecData's Solution

SunTecData deployed a team of five research professionals to analyze client’s direct and indirect competitors, while understanding the needs and preferences of the target market.

  • Identified, profiled and compared key players, their product range, practices and performances
  • Conducted SWOT analysis to understand competitors’ strengths and weaknesses, and identify opportunities open to the client and threats facing their business
  • Identified brand differentiators that set the key players apart from their competition
  • Designed a quantitative survey to understand the needs and preferences of target customer groups
Outcome

We shared critical insights with the client in a detailed report, helping them understand the target market, benchmark against the competition and formulate an effective marketing strategy to bring product to market.

To learn how we can help you gain valuable customer insights and measure products and performance against a standard, please get in touch with us at info@suntecdata.com or through an online query.