Testing New Markets

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Product and service life cycles are becoming shorter and shorter. New offers have to be developed all the time in order to achieve a temporary competitive advantage. Close working relations with clients are becoming even more important than before for the improved direction of investment in R&D and business development.

Often the best results are achieved through some initial in-house business development work (on new products, services, business models), which is, however, validated (possibly several times) by the end customers and interesting external stakeholders, who can help the company to direct its investments in a way, which permits it to bring into the market new and improved products, services or business models. Mistral Consulting can help its clients with this in a hands-on way.

Meeting and speaking with global end customers (often early adopters) can be an eye-opener, which saves a lot of the company’s money and time in its pursuit to bring new products and services to the market.

Case studies

Construction – Related Services

Why – There was a need to see if in-house R&D was going in the right direction.

What – The company profile, target market segment selection and sales pitches were developed so that they could be tested on the market on real end customers and distribution channels in one East-Asian country.

Results – Based on market feedback, it was determined that part of the R&D development had to be redirected to better correspond to client needs. The company decided to integrate into their R&D and business development practices that all new products, services and technology initiatives are always tested amongst end customers, distribution channels and in some cases with the authorities.

Apparel Manufacturing

Why – Understanding the development of the Chinese market place was important for this medium-sized Finnish company to decide if the moment was right for more investment.

What – The company profile and offers were prepared in English and in the local language. Important end customers and distribution channels were studied to identify competitive products and through interviews to test the end customers’ interest in the Finnish solution.

Results – Amongst the related apparel industry end customers, worker safety and attention to certain details were not developed in a way to permit market entry in a profitable and sustainable way. The company decided to prioritize business development on some other markets in the immediate future and focus their funds on