Product-Feature Gap Analysis for an Electronic Vehicles Manufacturer
Client Overview
The client, an Indian-based electronic vehicles (EV) manufacturer, was facing challenges in meeting the demands of their declining target customer base. In a rapidly evolving market, understanding customer needs and staying ahead of competitors became crucial for sustaining and growing their business.
Table of Contents
Challenges Faced by the Client
The client faced several significant challenges:
- Declining Customer Base: The client needed to understand and address the demands of a shrinking customer base, particularly in the context of a highly competitive and dynamic market.
- Market Adaptation: Identifying the client’s strengths and weaknesses, understanding unexpected market changes, and predicting long-term performance were critical for adapting to the evolving landscape.
Our Apprach
TT Consultants provided a comprehensive approach to address these challenges, focusing on thorough market analysis, competitor assessment, and consumer insights.
- Market Landscape Assessment
TT Consultants began by conducting an in-depth analysis of the Indian electronic vehicles market. This included evaluating customer demands, understanding market trends, and identifying consumer concerns specific to the EV industry.
- Competitive Intelligence
The analysis extended to the client’s competitors, focusing on their sales rates, marketing strategies, and distribution modes. TT Consultants identified products with high demand in the market and analyzed the factors contributing to their success.
- Focus Group Studies
To gain a deeper understanding of customer perceptions and requirements, TT Consultants conducted two focus group studies. Each group consisted of 100 participants, providing valuable insights into consumer preferences related to electric two-wheelers.
- Product-Feature Gap Analysis
The insights gained from the market landscape assessment, competitive intelligence, and focus group studies were used to conduct a product-feature gap analysis.
This analysis helped identify the gaps in the client’s current product offerings and provided actionable recommendations for aligning with market demands.
Scope Work
- Market Landscape Assessment
- Competitive Intelligence
- Product-Feature Gap Analysis
Outcome
Insights into High-Demand Features
The client gained detailed insights into the product features with the highest market demand in India. This included understanding the trending demands and needs of customers, as well as the approaches taken by competitors to meet these demands.
- Understanding Market Behavior
The client was able to comprehend current market behavior and dominant patterns in the electronic two-wheeler market. These insights aided them in making well-informed business decisions to adapt to the market dynamics.
- Competitor Analysis
TT Consultants helped the client identify major promotional trends and innovations adopted by competitors. This allowed the client to introduce an advanced marketing mix that would better attract customers and regain market share.
Conclusion
TT Consultants delivered a comprehensive analysis that empowered the client to understand their market more deeply, identify gaps in their product offerings, and align their strategy with customer demands.
About TTC
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