Home Innovation Insights

We're about to ring in a new year. Have you identified you next new business opportunity?

Michelle Foster
December 26, 2013

The Calendar Year is Ending But Opportunity Springs Eternal - What's Your Next Opportunity?

December is upon us once again and the year is quickly coming to a close. But before you toast in the new year, it's a great time to reconsider what and where your next business opportunity might be. In fact, it is always a great time to be looking out for the next big opportunity.

Most companies implement strategic planning schedules synchronized around the calendar and/or fiscal years. But (fortunately) opportunities don’t follow fiscal schedules and it is a good strategy for product developers and manufacturers to be constantly on the look out for the next opportunity. This is especially true in the building industry where numerous external forces can significantly change your clients’ needs. New building code requirements and higher energy efficiency standards, for example, can present builders with real construction challenges. As states move forward to adopt the 2012 or the 2015 IECC we believe there will be some significant constructability issues for builders to be in compliance with the new requirements. We also believe these builder challenges can present great opportunities for product manufacturers who can help builders comply with the new codes.

Are you poised to take advantage of the next opportunity? Whether it is providing raw data on market characteristics, conducting formal market assessments, finding untapped opportunities and testing new product concepts, or properly positioning your home building product or technology in the market, Home Innovation Research Labs has the experts, analytical tools, and track record of success to help your product achieve market success.

We recently worked with a manufacturer who fabricated a product used outside the housing industry. In recent years, sales volume for this product had dropped precipitously because of structural shifts in that industry and the company was looking to explore opportunities to deploy the product within the building industry. The client came to us with very specific ideas as to the unique selling proposition and the point of entry into the market for their product. At our initial meeting, our market research team agreed with their general idea, but also proposed some additional construction applications to explore that staff believed would have a much more significant market potential. Home Innovation’s market research team completed a comprehensive market assessment for the client that provided the expected size of the market, the best channels to market, and an in-depth understanding of anticipated material usage.

It’s not always easy to collect the right kind of information from the right kind of respondents for the residential construction industry. But with 50 years of expertise on the ins and outs of the housing industry, we have the know-how to overcome the potential difficulties that come with getting meaningful, actionable data. For the client I noted above, our market research team was able to measure the market for their product and deliver actionable findings to inform strategic business planning in the upcoming months. That kind of information is priceless for future success. But even better, we have the expertise to deliver better information more quickly and cost-effectively than other non-specialized market research firms.

So as you celebrate the end of 2013 and the promise that a new year brings, I hope that we can help you exceed all of your wildest business goals in the upcoming year. Here's to a happy and healthy bottom line in 2014 to all our clients!

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