Discovery Presentation for New Product Launch

Market analysis, business strategy, and marketing recommendations

A business with a vision of growing a new brand in the CBD space approached 5ivecanons with an idea, and asked us to provide discovery and initial business strategies. The project took just about 8 weeks from start to presentation (which you can view below). The following items were all part of our initial presentation and in the end, the client was so happy with the work and insight, they ultimately decided that it was best not to go to market considering all the data, ideas, and thinking that we provided.

This is an example of how a client may end up saving hundreds of thousands or even millions of dollars trying to launch a new product, and for the price of discovery, they can learn so much more and make better business decisions. The organization that approached us decided to pivot with their efforts, and chose to iterate their retail business in the vapor category. They gave us permission to share this to highlight our discovery.

Stakeholder Interviews

As part of our discovery session, we took part in individual and roundtable stakeholder interviews. The interviews helped determine who the target market was (primary, secondary and tertiary audiences), the actions the stakeholders wanted that audience to take, the products strengths, and weaknesses. Our creative team peels away the layers of answers, and gets into dialogue with stakeholders on where their head may be, and why it’s there. We assess influences on their opinions and vision, while also documenting the successes and possible failures by the organization in going to market. Here’s are some of the key takeaways:

Market Analysis

Following stakeholder interviews, our team puts our focus on key competitors in the market and provides a comprehensive SWOT analysis and digital audit for each brand. In an effort to streamline the client’s focus on a go to market strategy, we focused on direct product competitors that were similar in customer use – rather than overarching brands that own market share, but with a different product offering.

Initial Marketing / Sales Brief

Takeaways and Recommendations

1. There are competitors in the space.
2. Most vapor stores carry CBD already.
3. Vape shops will have objections.
4. Product functionality isn’t as easy as it seems.
5. There is a stigma to some consumers.
6. Don’t associate product to food or flavors.
7. Target is Vape Stores, let’s leverage Linkedin.
8. Incorporate referrals into each touch point.
9. Wholesale incentives.
10. Get certified.

Creative Concept Option 1

Creative Concept Option 2

Creative Concept Option 3

Creative Concept Option 4

Estimates, Timeline and Next Steps

At the very end of the Discovery presentation, we review estimated costs for the recommended marketing tactics and concepts. We also typically provide a production timeline for the marketing strategy / plan. From there we have an open discussion and always suggest to “sleep on it” before making any decisions. Unlike some agencies, we do not require that you move forward with any of our recommendations at all.

Kick off a Discovery project to learn more about your market, competitors and what business strategy, marketing tactics, or digital strategy is right for your business.