Leading Edge was engaged to conduct a strategic assessment for a UK-based building product manufacturer specialising in lift platforms. This assessment focused on preparing for the launch of a new product, aiming to gain a better understanding of the market and customer needs.
Research Objectives: Evaluating Market Needs and Prototype Feedback
The primary goals were to gather targeted feedback on the prototype design and understand the market opportunities within the UK construction industry, especially in the commercial sector. This feedback was essential to gauge the potential success of the new product.
Research Methodology: Comprehensive Data Collection and Analysis
The research involved developing and implementing detailed questionnaires to capture diverse perspectives about the market and address different segments. This was followed by an extensive interview program, engaging with 60 respondents, including installers, architects, property developers, and representatives from disabled organisations, to gain an overall view of market dynamics. Additionally, email exchanges with product images were used to gather specific feedback on the prototype, allowing for direct consumer reactions and comments.
Market and Competition Analysis: Strategic Planning for Product Launch
A thorough analysis of the competitive landscape, including key brands, market trends, specification importance, scale of opportunities, and potential entry barriers, provided clear insights into the challenges and advantages in the market. Based on these findings, actionable insights and recommendations were formulated for refining the product and developing a strategic approach for its launch. This included valuable input for the design team to fine-tune the product.
Conclusion: Guiding Informed Decisions and Investment Strategies
This comprehensive assessment provided crucial information for informed decision-making and aided in compiling an investment program for the new product launch. The project demonstrated the importance of extensive market research and participant engagement in developing and launching a successful product in the construction industry.
