The business target
Discovering international markets and new concepts with a well-being technology pioneer
As the inventors of wireless heart rate monitoring, Polar has been leading the way in technological innovations helping people understand their health and bodies for over 30 years. Their innovative products combine expertise in sports, physiology, and electronics, catering to all levels of fitness enthusiasts and casual movers alike.
Now in the midst of developing a new product for international markets, Polar wanted to be sure that their solution would have enough demand and potential in different markets. We helped them identify the right target group for their product and validate their value proposition and features of both a physical product and a digital service, to make sure they correspond to the chosen audience’s needs.
From gathering customer insight to creating and validating concepts
To support the product concept’s development and ensure its functionality and market potential, we conducted insight work and conceptualisation in several stages, involving Polar’s team throughout the process with us. Kicking things off with a journal study and qualitative interviews, we created three different concepts that moved on to iteration and quantitative validation.
Based on the iteration and validation process, we defined an MVP version of the concept and created a value proposition and business case. As Polar had set their sights on two different markets, we had to take into account the differences between for example healthcare systems and approaches towards well-being in both. The distinctive qualities of each market, especially in willingness to buy, were taken into account when building a solid business case that Polar could move forward with. Based on our co-operation, the team at Polar was able to develop the business case even further and eventually received a go-decision for the new concept that got its beginnings from our project together.
To reinforce the business case and help Polar’s team take the idea from concept to a profitable product, we also created a visualization for the chosen concept.
Involving Polar’s team in every part of the process allowed us to work through surprising twists and turns during the project with ease. With close cooperation and good communication, even unexpected changes, such as changing the original hypotheses, could be taken into account in an agile manner. Transparency was essential to the project’s success, as we discovered during the project that it would have been unprofitable to keep the original course of the concept.
The end result of the project included…
Potential target group and the recognition of their needs and pains. Understanding the relationship towards wellbeing and consumer’s willingness to buy.
MVP features of the physical product and digital service. Understanding the needs and challenges in wellbeing.
Value proposition of the concept.
Business model and market potential. Including product positioning, suitable price point and evaluation of the market size in the studied market.
Concept visualisation and prototyping. To further help the Polar team to take the idea from concept to profitable product.