Leading home-improvement firm mapped growth across 14 product and service categories
14 Apr 2020
1 min read
Helped the client identify and evaluate opportunities for diversification by analyzing various perspectives including consumer needs, competitive intensity, and brand relevance. Also framed a brand architecture for the recommended product categories to maximize brand strength and leverage core brand equity for the new offerings
Context
- Client Description: A leading internet-based home-improvement company
- Opportunity: The client wanted to diversify its product offerings by adding relevant products to it portfolio
Further the client also wanted to understand:
- Key product categories for diversification considering brand relevance, service component and opportunity size
- Brand archetype identification for the shortlisted product categories
- Brand architecture for all the identified products to leverage existing brand image and value
Our Approach
- Identification and classification of long-list of opportunities in the home improvement space
- Categorization of categories as service led and product led to include HI services like painting, plumbing, maintenance etc.
- Shortlisting and prioritization of categories basis parameters including opportunity size and growth, room for disruption and brand creation opportunity, ease of capacity building, product brand archetype, etc.
- Based on brand resonance with the core brand, customer attributes and preference, etc. to brand architecture for the shortlisted categories was created
- In-depth interviews with 155+ customers across leading Indian metro cities to understand customer preferences
- In-depth discussions with 60+ industry stakeholders including manufacturers, retailers, designers, etc. to understand industry nuances and value chain margins
- Financial filings analysis to understand the performance of leading players in the category
- Case study on international parallels and best practices benchmarking