| Problem: |
Large provider of financial data to the bank analyst community wanted to expand product line into new vertical market because new technologies provided an opportunity to increase coverage by adding new data. |
| Insight: |
Client was letting technology drive product design and lacked sufficient market information to launch a successful product initiative. In particular, client lacked adequate understanding of both its customers' requirements and its competitors' capabilities. |
| Solution: |
Accendo Strategies conducted comprehensive market research that determined demand, quantified revenue opportunity and established product requirements. Research revealed that although significant market demand existed, revenue potential would not justify product development and sales costs. More importantly, research revealed that an unknown competitor dominated the target market and was beginning to penetrate client's mainstream market. |
| Results: |
Client avoided launching product with limited revenue potential and countered previously undetected competitive threat by bolstering core product. Accendo's comprehensive research saved client substantial product development costs. |
