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Case Studies in Product Development

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Product Development

A Case Study for Product Development

Situation:

A market leader in the pharmaceutical services space had a great deal of program data which they wanted to “monetize”. Alpha 1C was hired to do an assessment of their current data and products and to identify opportunities for building new products utilizing their current data set.

Our Solution:
  • Alpha 1C identified the opportunity for several new offerings / products to be built. These were identified and prioritized based on market opportunity, size of business etc.
  • Our team worked closely with the company to align the selected new product idea with their customers expectations
  • The product concept was conceived by Alpha 1C and presented to the client along with a 3-step development proposal:
    1. build a demo
    2. build a “sales tool” which their sales force could use to present and sell to their clients
    3. build out the fully functional “product” which would be the final deliverable to their clients
Result:
  • The product leverages the client’s data, utilizes proprietary data from the purchaser and allows them to make adjustments “on the fly” based on their market and brand situation
  • The unique product performs a very essential service which is complimentary to the existing products and services our client company already offers
  • The new product has taken a basic paper “analysis” which the client usually offered for little or no charge, added “cool” functionality, leveraged additional data sources and transformed it to a valuable tool for the end user.  This “transformation” has allowed the client to sell many more of these while also making a very good margin on each sale.
  • The modeling product will pay back all development costs for the company within the first year
  • Alpha 1C is now talking with the company about building out the next product

Timing:

  • By leveraging Alpha 1C’s core technology and IP, our team built and delivered the entire product from start to finish in under three months