Market Analysis

Our market analysis service provides a comprehensive understanding of market trends, dynamics, and competitive landscapes.

Case Study: Market Analysis for Philips

The Business Issue

Philips is a leader in consumer electronics, known for its innovative products and strong brand identity. The company identified a new product segment that could present a growth opportunity but was unsure about: 1) the true market size, 2) what mattered to consumers in that market, and 3) whether the Philips brand would fit in that space. While confident in their ability to design and develop an innovative and effective product, the team needed to understand who the consumer is and what opportunities this market holds for them and their brand.

The Techniques

Phase 1: Conducted in-depth interviews with:

Consumers who currently use the type of new product in question.
Retailers and industry media with close knowledge of the trends.

Phase 2: Implemented a nationwide quantitative survey with users of the product in question to test theories from Phase 1 and identify any product and brand challenges.

The Recommendations

Leverage the Philips brand name. There were strong expectations for new and different products coming from this brand because consumers already associate it with legitimacy, authenticity, and quality.

Engage with consumers in a grassroots, personal, social, and user-generated manner. These approaches are effective in a highly peer-influenced market.

People involved

300

Working hours

The Bottom Line

Product development teams moved forward with greater confidence, narrowing down some options and prioritizing others.

The brand attributes of the “parent” brand will be leveraged with the new product line, capitalizing on consumer expectations to position Philips’s new product at the top of a crowded category.

Client Commentary

“The way Proinsightlab was able to grasp the market so quickly has given us much higher confidence in the direction of our program. In fact, based on the findings, we have made many changes to our business plan. Proinsightlab uncovered insights that we were too close to see about the market we live in every day.”