[ Opportunity Identification ]
In an age of overwhelming consumer choice, new product failure rates are higher than ever; and the cost of bringing products to market is also unprecedented. Methodical approaches to white space definition and concept evaluation can minimize the risk of expensive failures.
Knowledge Networks helps clients searching for new markets answer the question, “Where is the white space?" Our approach gives marketers the confidence that their opportunities – segment- or product-based – will be of sufficient size and incrementality to warrant the investment made in pursuing them. Rigorous analytics and high-quality data sources (KnowledgePanel® and PCN®) guide the accurate sizing of opportunities.
Landscape analysis: Product-based White Spaces
To identify, prioritize, and target the opportunities in your landscape, we draw on our
- category expertise (from food and beverage to health care)
- world-class analytical skills (such as perceptual mapping)
- view of the retail landscape (through shopper insights)
- collaborative approach (through workshopping and other techniques)
- segmentation overlays that leverage KN's design excellence
profiling a white space opportunity
Our disciplined approach is designed to
- update learnings and identify emerging trends,
- quantify the consumer and market landscape,
- bring opportunities to life through deep and well-rounded profiling, and
- support our client's activation of the new opportunities through action planning workshops that include all key stakeholders.
Looking across sectors, we have
- helped a beverage manufacturer explore "white spaces" in current and new categories based on individual consumption occasions
- guided a retailer looking for opportunities to expand their private label development by better understanding shoppers' overall needs (particularly unmet ones)
- helped a pharma client guide a portfolio of brands by better aligning opportunity segments with upcoming new products as well as in-line ones
- advised a food manufacturer on new product and segment opportunities in cooking and snacking categories
An opportunity, no matter how interesting or unique, must be measured and compared against other opportunities. Let KN help you make these crucial evaluations and invest more efficiently in your product or service portfolio.