Customer Analytics for New Product Development

Overview

Analytical approach to come up with the target market segment with specific attributes & identify the desired features for a new product formulation.

Solution Approach

• Applying various segmentation approaches like - Factor Segmentation, Neural networks, CHAID (chi-square automatic interaction detection), K - means Clustering, etc - we could come up with the target customer segments & the attributes.
• We applied the market basket analysis to zero on some of the identified products

Advantages

• In today's highly customized world, it's an absolute must to identify the niche customer segment in order to get the desired ROI on a new product.
• We need to keep improving the product/services as per customer preferences.