‘Ventures’ is Peer Insight’s new practice for accelerating corporate innovation. We help our clients move quickly and affordably from a nascent concept to exploring product-market fit and getting first revenues. Over the past 12 years, we’ve honed our understanding of how big companies manifest key entrepreneurial behaviors to bring new products and services to market. We’ve successfully navigated this process with clients in the insurance, energy, heath care, CPG and apparel industries, among others.
We conduct live in-market business model tests to de-risk corporate ventures…
Corporate innovators are often left to financial projections and their own intuition when shaping a go-to-market strategy for innovation that lies outside of their core business. Peer Insight Ventures helps focus the concept development process and de-risk new ventures by having early interactions with consumers in the market.
Clay Maxwell, Managing Partner, describes the process as:
“Testing a new concept can be risky, and it only gets harder once you engage the market. We help smooth out or otherwise circumnavigate the barriers to commercialization, so that you end up in the market with a value-generating offering and a view to how you scale it to become a profitable, sustainable business.”
Our approach is centered on running experiments with live users in the market. We take into account the operational complexities of how to deliver the experience at scale and always keep an eye on the ability to capture value back. By removing layers of uncertainty through in-market experimentation, we help clients confirm the “say-data” with “do-data”. We help cross the bridge from a consumer’s verbal confirmation of a concept, to money actually changing hands.
How we helped a CPG company test and launch a venture that addressed hospital-associated infections…
We’ve pressure tested our methods in both business-to-consumer and business-to-business contexts. Halyard Health, a product company, wanted to explore how to develop high-margin services, and had a service concept for addressing healthcare-associated infections and the resulting hospital readmission rates. Here’s how we addressed core business model questions with users in the market:
- “What exactly is the experience we are providing?” – we simulated individual elements of the patient and clinician experiences, testing for desirability and feasibility
- “How do we execute this experience?” – we engaged possible delivery partners for different aspects of the service, to gauge potential fit with our offering as well as the defensibility of delivering an offering with a partner
- “How do we make money?” – we explored financial viability with a variety of potential payers, from insurance companies to hospital administrators, drilling down on the optimal early adopter and revenue-model mechanics
We help big companies act like start-ups in launching new ventures…
Our team puts in the sweat to ensure that in-market tests run smoothly, such as promoting a new service at a baseball game, acting as customer service agents, and we’ve even converted part of our office into a tiny, but functional, distribution center to run a test. We do whatever it takes to get to a greater understanding of how a concept can exist in the world at scale.
Our apparel client says, “No other firm walks-the-walk like you do. You actually work alongside us to stand the venture up, with customers, collect revenue, and pivot the business model in real-time.”
We’d love to be part of your journey to product-market fit. Write to us at firstname.lastname@example.org about challenges you’re facing or burning questions you have about our process, we’d love to continue the conversation.