In dynamic markets such as China, it is critical to look ahead at where the market is going and to anticipate customer response to product needs. We help you find that ideal positioning.
Technomic Asia assists its clients in evaluating the market potential for its portfolio of products in both existing and new applications. Emerging markets like China present unique challenges in product strategy development, for example:
- Highly dynamic market with unpredictable development and a rapid pace of change.
- Generally unsophisticated customers and often first time buyers.
- Wide spectrum of competitors from low cost locals to leading multinationals.
- Ingrained predisposition for lowest cost and a lack of appreciation for amortized cost propositions.
- Typically low level of brand loyalty.
- Unclear demarcations between product offerings (price/value) and the presence of counterfeit products.
- Highly fluid market channels which can alter the effectiveness of your value proposition.
- Strong influence of relationships in the purchase decision which can dilute the strength of your value proposition
We employ a rigorous methodology to address these challenges, starting with probing primary research.
- Exploring product usage, requirements and unmet needs among existing and prospective customers.
- Understanding key influencers at the specifier and distributor levels and their motivations.
- Identifying and positioning direct and indirect competitors and their product value propositions
- Benchmarking against peer companies (best in class) in related industries, especially in unestablished product areas
Armed with current and objective insights from the market, we use a variety of analytics and approaches to evaluate product strategy, including long-range thinking to enable our clients to get ahead of the development curve.
The results of our analyses are practical and lead directly to implementable strategies and tactics…
- Measuring market potential based on prospective customer inputs as well as comparative competitive analysis.
- Considering both commercial and technical factors in our evaluation.
- Recommending ways, as appropriate, to China-fy the product or value proposition to make it more suitable for the local market.
- Ranging in assignments from bringing core products to market to next generation products to blue ocean investigations.