Gap / Needs Analysis
The market for widgets was crowded, competitive and hadn't seen growth in decades. Casandra hadn't quite realized this when she was recruited to WidgetCo, however, after two years of slugging it out in the trenches, she wondered if there wasn't a better way. As marketing director, she found it a challenge to describe how WidgetCo's widgets were different in a way that resonated with the consumer.
Casandra knew what to do. It was time to completely rethink the role of the widget and the best place to understand its future potential was among the largest generation in American history - the Millennials. While Millennials currently represented a fraction of product sales, it was a market growth area and the most promising generation to explore tweaking features and benefits to ignite new sales. By asking Ypulse to examine how widgets were being used day-to-day, how consumers thought that their needs might be more effectively satisfied and where gaps existed, the next generation widget could be conceived.
WidgetCo began making subtle but substantial enhancements to their widgets based on both stated and derived gaps and needs, pleasantly surprising their users and building product preference. Not only did consumers take note, retailers did as well, reconfiguring their shelves to feature WidgetCo and actively promoting a hot brand in a previously low priority category. In no time, WidgetCo began to dominate, developing new products and line extensions that leveraged the same, consumer-centric approach to win the hearts and minds of the next generation consumer.
The least you need to know about what's happening in the new Millennial influenced world.
It's not enough to know what. You need to know who and how much. And most of all, why.
Now, what does it all mean for your brand?