Four23 : new product development

“We engaged Four 23 Management to help us turn new product concepts and ideas into a concrete set of products and a business. Over the course of their engagement Four 23 were instrumental in helping us build the initial concepts and then corroborate and validate these with clients. They then turned these concepts into a working Proof of Concept, a robust business plan and a full and detailed development specification. The Proof of Concept product was instrumental in helping us secure a significant beta test customer.In addition Four 23 helped us to prepare and present the plans to various groups of investors. They also introduced us to technology partners who we have subsequently engaged to help us deliver the solution.

 

WISE Group is extremely happy with the professional work that Four23 Management did for us and we would happily engage them again should the need arise.”

Christian Eckley MD WISE Analytics Group

THE CHALLENGE:

A successful media monitoring company with blue chip clients in the Health and Beauty sector was looking to expand its product portfolio. Their objective was to create a new service for their client base by capturing, managing and presenting market data as actionable insights. These insights would enable their clients could to reduce costs, improve revenues and enhance customer engagement.

THE APPROACH:

Four 23 Management adopted a Lean Startup approach to the project.

STEP 1:  involved in depth interviews with key individuals within the client base – company MDs, Chief Marketing Officers, Sales Directors.

STEP 2: research into available data sources and feeds – this included meeting with data providers, desk research to review what data could be acquired in the market or was free and in the public domain

STEP 3: a low cost proof of concept was built and demonstrated to potential clients – leading to clearer guidelines on requirements as well as a commitment to take the new product.

STEP 4:  a full business case and development specification was prepared for the client.

The Outcome: Mymarketinsight used this platform to develop their Competitor Insight product