Enhance your market and competitor research with trend insights and risk-opportunity analysis
Enhanced brand monitoring
Visibility of current market trends
Comprehensive competitor monitoring system
Problem
Market research is a time-consuming and tedious task. Our client, a medical company, used a third-party service for market and competitor research. However, the data they were receiving was structured in a very unintuitive way. The data came in Excel sheets and was hard to read and structure. Our client didn’t want to lose the data they were getting but also couldn’t allocate enough time to go through it properly. They settled on only extracting and distributing the brand preference once a month, which left them with outdated information and a lot of data noise.
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Solution
We built a dashboard that allowed our client to analyze their brand preferences and expand their strategic growth opportunities. By combining various data sources in one easy-to-access platform, we were able to give our client visibility over long-term trends of their own brand perception. The insights can be adjusted through filters and provide actionable insights into the customers’ attitudes. We set up the dashboard in such a way that our client could easily track how their competitors were progressing compared to their own products. Our dashboard also showed which products were “cannibalizing” each other and what new potential trends the R&D departments ought to look into.
Success
With our solution, our client was finally able to take full advantage of the market research data they were getting. This way, they were both saving time inspecting the available insights and making data-informed decisions thanks to our trend-analysis sheets. Now they could answer questions like where their brand was heading, what the risks were, and what new opportunities they could grow into. We wrote a whole article on the importance of data for product management.