With the challenge at hand, Smashing jumped into action. Our team gathered findings from large-scale academic studies, industry reports, and articles, and reviewed over 100 competitive and comparative products and services. We analyzed our market research data to reveal consumer insights, identify trends and opportunities, and future-cast the types of businesses that will remain profitable. Then, in a one-week workshop with the client team, we used the insights we had gleaned to guide and facilitate three rounds of brainstorming that produced multiple viable concepts supporting potential business strategies. Through the workshop, we also helped unify the client’s multi-disciplinary team and ignite some much-needed excitement and passion for the new endeavor.
After the workshop, we conducted user interviews with five participants and an online survey with 70 respondents to validate the different business opportunities. Simultaneously, workshop concepts were mapped against known consumer preferences to develop three testable product directions that aligned with the most promising business strategies. We rapidly illustrated the concepts to test them in one-on-one user interviews with people who represented the target consumer. Based on key takeaways from testing, we refined our recommended approach and strategy.
Additionally, to help our client evaluate alternative business models, we performed breakeven analysis for several pricing strategies (e.g. monthly lease vs. one-time purchase, premium add-ons, etc.). We also identified partnership opportunities and potential release schedules for the client to consider. The culmination of our work provided the client’s senior leadership team with a viable business strategy for the future, as well as a blueprint they could use to implement the new approach.