Illuminating the Opportunity for an Innovative New Product
After developing a new product combining string lights and Bluetooth speakers, our client sought to validate the market potential and gain insights into distribution and targeting.
1. Quantitative online survey among 750 consumers to size and understand the dynamics of the string light market, measure receptivity to the new product concept and to identify motivators and barriers to usage.
2. Pricing analysis to estimate the potential revenue opportunity.
3. Contextual secondary research to uncover industry trends, providing a holistic framework through which to analyze results.
Based on the research, our client made a significant investment to bring the product to market. This innovative product is now sold through numerous e-commerce retailers including Amazon and Brookstone.