This company had an excellent global reputation and saw an opportunity to extend its brand with a new product offering. Senior management knew, however, that its brand could be damaged if the offering were anything less than stellar. The question was one of timing: was this the right time to introduce this product globally?
Empowered by the Executive Director, I led a large, multi-functional team to develop a conceptual design for the offering and then identify the size of demand in the marketplace. The product needed to complement the company’s existing international offerings without cannibalizing those revenues. And the new product clearly had to be distinct from the competition.
International market research can be expensive and time-consuming. We needed to stay within budget. I facilitated discussions to identify the minimum number of key questions for the multi-national survey that would reveal demand, price points and other key factors. After evaluating market research results, the team submitted a comprehensive report for management’s go/no-go decision.
It became clear that demand for the new product was insufficient to justify the cost of development and deployment at that time. Equally important, the company avoided the risk of damaging its strong global brand.
Client feedback included: “We avoided making a costly mis-step because of Carolyn’s leadership and the team’s efforts.”