Companies Need to Find New Ways to Explore Opportunities

There are a lot of uncovered opportunities to develop new MFPs. Some are outside a company's view set. Some opportunities have been here all along without being discovered by anyone. Some are the result of change. Marketers need better ways to uncover and track trends in consumer and competitor profiles. They need to dig outside their own sandboxes, and they need better ways to do that.

MFPs usually use combinations of existing technologies targeting a combination of needs that are already known about. Marketers can improve their chances if they can learn more about newly emerging technologies and newly emerging needs that specifically impact the potential for multiple function. Some of these efforts can target the future. But there are also likely to be more opportunities for today. Companies need to find out about enabling technologies up and t down their supply chains. They need to find out about technologies in other industries. And, they need to find out what consumers really need and how they really feel, beyond what they say, about proposed multifunctional solutions. All these quests can lead to new opportunities for multifunctional products.

New solutions tend to create new problems. New problems are new opportunities. MFPs themselves can trigger needs for new MFPs. For example, now antiaging products must become antiaging/restorative products. Continued interest in AHAs and demand for mildness are driving changes in formulations. Since AHAs chemically strip the skin, chemists have looked to add MPDiol glycol and propylene glycol, which can help reduce physical irritation by creating a smoother product.

Marketers need to find new ways to think about multiple product use. Consumers may use different multifunctional products in ways not expected by developers. The problems that consumers may be experiencing in use may not all come to light. And, even if there are no surprises now, the world is changing faster and faster—use can change as a result of these changes.

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