Innovation

Innovation

Amidst intense competition, you can’t afford to rely on “lightbulb moments” to drive new product development. Whether you are looking to deliver incremental growth through “faster horses”, or drive a business step change with a genuine market disruption, you need analytically-driven insight within a structured approach to target your NPD resources intelligently. We employ a suite of techniques throughout the innovation funnel to help glimpse inside the consumer’s mind, and identify and optimise the innovations that will deliver real business growth.

360° Customer Understanding

What are people actually thinking and doing in your category – and where are the growth opportunities?

Moving beyond traditional usage and attitude studies to provide in-depth category and consumer understanding, our 360° approach avoids the fate of most U&A research – i.e., becoming just a cumbersome reference document for later activities. We structure research to uncover the motivations that drive people into the category and govern their choices, as well as understanding the purchase pathway, and the pain and pleasure points in product/service interactions. We analyse each step to highlight potential innovation opportunities.

Idea Screening and Evaluation

What are the ideas and concepts that really resonate with people – the ones we should invest our NPD budget in?

Not all innovations are born equal: with finite resources, you need to identify high-potential ideas and concepts and understand how to develop them to maximise the chances of market success. Our early stage idea screening tool is a clever and pragmatic approach to sorting ideas into potential winners and losers. It’s based on both consumers’ gut reactions and more rational responses (so-called “System 1” and “System 2 processes”). Bonamy Finch’s CORAL® approach to concept screening provides a unique and insightful framework for developing and evaluating new concepts.

Product, Price, Claim and Range Optimisation

What should be the launch mix of the product? What range of products will deliver maximum profit?

How do you combine the best features to maximise the appeal and reach of a product or range to avoid cannibalisation, or maintain the delicate balancing act of maximising revenue and profit without negatively affecting consumer demand? Bonamy Finch offers customised simulators to help you optimise products, prices and claims. We also apply these techniques to guide range optimisation through our proprietary RangeMaster approach. We never forget the primacy of the bottom line, and employ ‘what if’ modelling to determine the impact on profit of different potential product and range scenarios.

Case Studies

 360° Customer Understanding

 Helping a value supermarket to increase share of wallet in different frequency groups

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 Idea Screening and Evaluation

 Success of business account card strategy indebted to quantitative insights

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 Product, Price, Claim and Range Optimisation

 Assembling consumer insight for furniture manufacturer’s new offering

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