New Product Development
& Life Cycle Management
Our understanding of building product development + life cycle + innovation process = your success.
Methods Refined to Support New Product Development, Life Cycle Management
Success in developing and launching new home building products or materials requires a deep understanding of the home building industry and the innovation process. We offer unparalleled industry expertise and top-notch research skills to support all phases of the new product development process – from assessing market gaps and opportunities to providing critical market intelligence for your launch plan After launch, the marketing mix needs continual monitoring and recalibration to guide its growth and maturity, potentially re-inventing and re-invigorating throughout its life. Home Innovation has conducted hundreds of marketing research projects in support of new construction product development and lifecycle management — we know the nuances of the technologies, applications, and industry and what makes for a successful building product.
We Can Support Your New Product Development Process
Home Innovation Research Labs has spent decades supporting building product manufacturers and service providers in their new product development process — from developing a concept, to market introduction, and beyond. While each manufacturer’s new product development process may be unique, they all require in-depth and precise knowledge of the market and industry to be successful. Home Innovation’s deep building technology, industry, and market experience are a solid basis for uncovering and validating opportunities for new products and services. Some services were offer include:
- Industry Opportunity Assessment — performance gaps, unmet needs, and code and industry changes
- New Idea Generation & Screening — how to capitalize on an opportunity, and assess if the industry open for your solution
- Concept Attribute Refinement & Testing — learn how the market will respond to specific features, attributes, and pricing and what improvements are needed
- Business Case Development & Validation — determine how big the potential market is for your new product, how likely buyers are to choose it, and what volume and share of the market you can expect to capture
- Launch Plan Development — define target markets and sectors; develop messaging that will motivate each segment, along with sales and distribution plan
- Product Life Cycle Management — support with each product generation as you promote, expand, renew, refine
Here are just a few recent success stories from building product manufacturers we have helped support through new product development and market expansion:
- Helped a manufacturer identify other uses for products outside traditional applications through in-depth interviews and focus groups.
- Conducted roundtable discussion to determine where the market and regulatory environment would lead to future energy efficiency opportunities.
- Tested the purchase likelihood of a new building product and projected likely market share capture under various promotional scenarios.
- Determined price elasticity of an exterior finish material using three different questioning methodologies.
- Developed a new market segmentation strategy for a manufacturer seeking to expand from remodeling to the new home construction market.
- Explored market opportunities in flooring for a new class of materials.
- Tested the strength of several non-traditional messaging and positioning themes for a new market entrant.
If you're interested in these or any other research activities for your new product, contact us to schedule a discussion of your objectives and our recommended research approach.