A market profiling maps the current market situation and identify new opportunities.
It is usually done early in the product innovation process as an explorative discovery of consumer preferences and can be used to identify product need or desire not currently met by existing products or services.
Market profiling is also a valuable approach if a product or service no longer has a satisfactory performance. In this case, the market profiling can be utilized to determine which adjustments are needed to meet changes in market demands, how to best comply with new market conditions or how to approach new target groups.
The insights will provide the foundation for concept development and assist your overall innovation and development plan. Together with other potential sources of research, such as quantitative studies and analysis of sales data, the key insights from market profiling contributes to a holistic picture of your market of interest.
We offer a range of methodologies to extract these key insights, depending on the nature of the market profiling.