Innovation An insight-driven and customer-centric approach is key for breakthrough innovation. We help you identify early warning signals of trends, white space and category evolution for market success.

Unlocking Growth Through White Space Analysis: An Insight-Driven Approach to Innovation

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Karolina Grigorijevaite Bio

Identifying and prioritising untapped opportunities lies at the heart of any successful company’s growth strategy. According to Euromonitor’s Voice of the Industry: Innovation Survey 2023, almost 63% of companies surveyed are on the lookout for ways to improve their existing product or service portfolio, 46% are looking to tap into new consumer segments/occasions within existing products, while 44% are even seeking to disrupt their industries with innovative solutions.

This drive for expansion and innovation often involves venturing into uncharted territory, and that's where White Space Analysis comes into play. It is a critical tool for identifying and prioritising opportunities by examining the existing market landscape in the context of consumer needs and industry challenges.

The challenge: Where to play

Finding the right path to innovation can be a challenging journey, as investments need to be watertight and grounded in data. Our data-driven, consumer-centric approach helps answer the fundamental question, “Where to play?”

We support our clients by helping them navigate these challenges by providing critical insights to pave the way for innovation.

The approach: Prioritising opportunities and making the business case

Our comprehensive approach involves working closely with clients to identify, assess and prioritise where opportunities lie, by:

  • Step 1: Current Market Assessment

Conducting a thorough assessment of existing products, including identification of the target consumer profile, key claims and value propositions

  • Step 2: Uncovering Unmet Consumer Needs

Gathering insights into unmet needs among the target consumer group to help us highlight the critical gaps or pain points in current offerings

  • Step 3: Determining Size of Prize

Assessing and quantifying the scope of each white space, including the potential addressable market and opportunity value

To create a thorough White Space Analysis, Euromonitor triangulates data from various sources, including Passport data, product audits, retailer interviews, social listening, consumer surveys, and expert interviews. By then comparing white space opportunities to clients’ existing brand portfolios, we can determine where their brands could expand to address the market gap effectively.Identifying white spaces

Active engagement with clients through interactive sessions allows us to socialise the findings and determine the next steps with broader stakeholder groups.

The impact: A clear path to innovation

Our data-driven approach leads to the discovery of specific market opportunities that align seamlessly with our clients’ portfolios and brand strengths. This methodology, grounded in data and centred on consumer needs, provides a solid foundation for a watertight business case for investment.

The key impact of this analysis is enabling clients to present robust evidence when discussing these new opportunities with senior stakeholders. Further steps in the innovation stage-gate process related to research and development, product positioning, and the go-to-market strategy can be significantly influenced by the insights gleaned from our White Space Analysis.

Insight-driven decision-making for innovation

This approach highlights the power of data-driven decision-making when it comes to opportunity analysis and prioritisation. By analysing market dynamics, consumer insights, and product attributes, businesses can build a strong foundation and carve a clear path to innovation that ensures sound investment decisions.

In a rapidly evolving business landscape, staying ahead means venturing into the white spaces and seizing untapped opportunities.

Download our white paper, How to Be a Disruptive Brand, to understand disruption and how it occurs, learn how insurgent and local businesses are threatening incumbent brands, and identify ways to evolve your business model and product.

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