Successful Product Creation by Using Analytics to Discover What Consumers Value
Source: Ford Motor
Accurately identifying and understanding potential customers for future products greatly improves the likelihood of market success. This is particularly important for automotive manufacturers that have long lead times and require vast resources to deliver products to market. Historically, the auto industry developed product ideas through basic market analysis, often limited to demographic research and too frequently the interpretation of the product creator. While this worked satisfactorily when market choices were few, it is no longer a sustainable business method with increased competition. Successful product creation now necessitates focus around the consumers' frame of mind.