Extending customer value whilst de-risking NPD
A leading financial risk management service provider accelerates growth through new product development.
A leader in asset financial risk management had considerable success in growing revenue for its core financial analysis products but recently growth had slowed and competitors were launching innovative products to meet the needs of some over-served and under-served customers. Management knew they needed to launch new products and turned to Focus Solutions for assistance.
Focus Solutions helped the company evaluate the commercial attractiveness of 65+ new products in various stages of development. We developed a unique NPD evaluation process that helped reveal those products with high levels of strategic-fit (feasibility, acceptability and accountability) and focused the company’s investment on the best opportunities before:
Helping create the value proposition for each new product to meet clearly defined customer needs; and
Helping modularise the company’s core solution to enable management to integrate new products to specifically target smaller niche customer segments to minimise the customer perception of premium pricing.
Four new products were launched successfully, and by re-purposing existing data and delivery infrastructure, made an immediate and material improvement in bottom-line profitability in the first 12-months.