Objective:
A leading FMCG company in India was to develop a long-term product portfolio by identifying and fulfilling consumer demands, with a specific focus on launching new flavor variants of noodles in India. The team aimed to redirect their new product development strategy to emphasize a more health-conscious portfolio.
Challenge:
The challenge lies in meticulously analyzing millions of data points to identify essential “core territories” for business strategy. This task, crucial for data-driven decision making, is daunting due to the sheer volume and complexity of the data. It demands sophisticated analytical techniques and tools to distill vast information into actionable insights, a process pivotal for guiding strategic business decisions in a data-rich environment.
Solution:
Leveraging the Foresight Engine, we analyzed extensive local language data, categorizing territories into four segments: Opportunities (high CAGR, high engagement), Niche (low engagement, high CAGR), Safe Bets (steady growth, high engagement), and Upcoming (high CAGR, low engagement). These insights guide our strategic priorities.
The Opportunities segment signifies promising areas for immediate investment, while Niche offers potential for niche market penetration. Safe Bets warrant resource optimization, and the Upcoming segment demands vigilant monitoring for future opportunities. This data-driven approach sharpens our strategic focus and equips us to navigate the market landscape with precision.
Outcome:
Our team played a pivotal role in assisting the client by implementing the proposed framework. This support enabled the client to not only develop innovative new products but also seamlessly integrate the framework’s recommendations into their annual strategy meetings. By leveraging these insights, the client was able to make informed decisions that aligned with their long-term goals and ensured a competitive edge in their industry.
