Conducting a Market Assessment
A fast-growing software company had built strong loyalty among its customer base but was facing low awareness within the wider market. The company sought to broaden its market presence with the launch of its first hardware product. HawkPartners was engaged to assess the market opportunity for the new product category and develop a strategic roadmap to launch.
HawkPartners first conducted in-depth interviews with potential target customers to assess the current competitive environment and uncover unmet needs. The phase I results indicated the market was crowded, but that there was opportunity to address specific use cases and causes of dissatisfaction.
To further understand the market landscape, the customer path-to-purchase was also explored, including the sources of category awareness, research and, ultimately, the preferred channel for purchase.
Our findings were then validated using a phase II of quantitative research. Using advanced analytics, the optimal price point and the total addressable market was determined.
HawkPartners applied the insights from the market assessment to inform the client’s product strategy, which included defined customer targets, pricing, and messaging centered around key customer touch points. Our client implemented these recommendations into their launch strategy the following year.