A Comprehensive Process, from Ideation to Optimization
NAXION guides new products to market through a disciplined process that is structured to maximize the efficiency and commercial success of development initiatives. Our systematic approach to product development is built on a comprehensive suite of techniques and services:
- Qualitative concept ideation and assessment to identify promising opportunities
- Fast through-put screening to vet candidate concepts or establish key market parameters.
- Powerful choice modeling techniques and market simulators to identify winning product combinations and forecast the associated revenue opportunities of each product candidate in a competitive marketplace.
- Portfolio optimization analysis to chart line extension opportunities and measure cannibalization, calculate net portfolio potential, and stake out discrete positionings.
Our specialized NAscence Bio-innovation Group, which nurtures next-generation pharmaceutical products and emerging biotechnologies, helps our clients devise clinical trials strategies or target IP for in-licensing, using many of the same product optimization techniques we apply to product engineering.
Predictive Techniques to Optimize Product and Portfolio Configuration
Successful and cost-effective product development requires an understanding of customer values and tradeoffs, and the ability to predict the impact that even subtle changes in configuration can have on market reception and perceived price-value. NAXION offers a product optimization system that simulates market response and prioritizes opportunities based on revenue, penetration, share, profitability objectives or constrained combinations (such as maximizing profitability while ensuring minimum share targets are met).
Advanced choice modeling techniques are used to power simulation software that estimates the relative contribution of product functions, features and price points on purchase decisions using our Farsight® Suite of forecasting techniques and service offerings. Multi-stage models can help clients understand how to bootstrap their market entry with first generation offerings and then plan an advanced product evolution strategy that builds on different starting points or launch offerings. For each candidate configuration, the types of customers and/or prospects most likely to purchase the product can be profiled.
Configuration optimizers are designed with the flexibility to predict share, revenue, and margin outcomes, while allowing client teams to specify optimization criteria, optimization constraints, and competitive offers. This kind of holistic framework can be applied just as well to portfolio management objectives, using advanced choice-based models that allow teams to estimate the impact of line extensions (or edits) on sales across the portfolio.