Developing a sufficiently detailed understanding of which markets offer the greatest
opportunity — and whether that opportunity is sustainable — can be a
complex task. Many factors must be considered, such as application requirement,
cost of change to fabricators, processing conditions, market size, market
potential and competition. Additionally, shifting trends which open — or close
— the potential market opportunity must be fully assessed. The complexity
of this exercise is compounded where multiple
market segments are being analyzed.
Lucintel has developed proprietary models and market assessment tools to support
rigorous screening, evaluation and prioritization processes. These models and tools
are used to screen and rank specific applications.
In many cases, the cost of developing and actively pursuing an application for a
material or technology can exceed $1 million, when including the cost of product
design, testing, prototyping, sales and marketing. Therefore, it becomes crucial
to identify the best applications in the earliest phase of the budgeting
and resource allotment process. This prevents wasting resources in the application
development process where the chances of success are limited. Lucintel offers clients
an unbiased perspective that saves them from costly mistakes while providing insight
into the best opportunities. This insight provides a greater chance of success for
clients’ products and technology systems.
Identifying the best opportunities from more than thousands of applications becomes
a challenging task and requires unique expertise and intimate market knowledge.
In conducting an opportunity screening, Lucintel typically conducts
the following analysis:
- Industry Analysis: To understand the dynamics, problems, and opportunities
driving the client’s industry
- Product/Service Delivery: Provides a detailed description of the products and/or
services currently being sold in the industry.
- Marketplace Analysis: Provides an understanding the dynamics, problems,
and opportunities driving the marketplace.
- Marketing Dynamics: What are unmet needs in the marketplace and
what is required to fill them? What will differentiate a product or service
from the competitors? What unique features, benefits, or capabilities will our
client bring to the marketplace? Who are our client’s customers?
- Distribution and Sales Dynamics: How does the market reach its
customers? How does the market close the sale with its customers?