IF WE BUILD IT, WILL THE CUSTOMERS CARE?
Market Research and Value-Based Positioning
We are frequently asked to provide strategies for marketing new products and services to generate new revenue. But sometimes we help our clients make money by encouraging them NOT to spend it on marketing.
For example, one of our clients had ideas for new service offerings and called us in to help market them. Great marketing begins with great insights. So, we suggested that we talk to their current clients to find out how they would value the proposed new offerings.
Wythe Ave Provided:
New Service Offerings
Great marketing begins with great insights.
We conducted 15-20 minute interviews with key clients and summarized our findings.
The results...were illuminating. In the research process, we uncovered two significant “Aha” insights.
First Aha Insight: Our client’s proposed new services were not seen as distinct or meaningful to their current clients. There was no “Wow Factor” in the offerings. Our client was initially disappointed, which is understandable. But we reassured our client that it’s better to get market feedback on new products and services before launching so that they have the opportunity to pivot.
The second Aha insight was the most transformative for our client.
We realized that our clients’ proposed new offerings were best positioned for new prospects—and not a fit for many of their existing clients. The new service offerings had premium value and should be priced at a premium: higher than many of their clients would pay.
This strategic insight allowed the firm to uplevel its offerings to win new client engagements.