Translating Market Insights into New Product Development

By the year 2021, it is expected that the corporate wellness market size in Indonesia will grow by 6.21%, from USD 256.5 million to USD 391.235 million by the year 2028. The company's awareness of the importance of employee health is a supporting factor for the growth of the corporate wellness market. However, the awareness of companies in Indonesia regarding the importance of employee health is limited only to major cities like Jakarta. Additionally, external conditions such as the macroeconomy and deflation cause companies to focus much more on targets and process efficiency rather than investing in their employees' well-being.

The Story

A corporate wellness provider in Indonesia has a vision of building a community of happy and healthy individuals who are active contributors and good influencers in society. In realizing its vision, that company has two missions. The first mission is to create engaging events and activities that encourage and enhance human health and well-being. The second mission is to leverage technology as a bridge for human health and well-being with the behavior and performance of companies/organizations.

This company already has many programs and services. But they want to launch a new product or program based on potential customer needs. So, they contact Monica & Co Business Advisory to try to help them define the right segments to serve and capture their potential customer needs. They also want Monica & Co Business Advisory to give them insight regarding the corporate wellness market condition in Indonesia.

To solve this problem, Monica & Co Business Advisory do some analysis, such as market analysis, consumer analysis, and competitor analysis. Market analysis provides an overview of how the corporate wellness market works, market size, market segmentation, estimated revenue that can be obtained by corporate wellness providers, as well as the challenges and opportunities that exist. Consumer analysis provides an overview regarding customer targets and their needs. Meanwhile, competitor analysis provides an overview regarding competitor product and marketing strategy.

After Monica & Co Business Advisory conclude customer analysis, they find out that there is a significant demand for comprehensive corporate wellness programs, especially in physical (exercise & nutrition) and mental (stress management, mindfulness, and support from psychologists). Because of that, this opportunity can be developed by them to become a holistic corporate wellness program provider that offers support both online and offline. Customers also expect 24/7 support to enhance their employees' wellness and are very interested if there are corporate wellness programs/technologies that can provide a simple process and utilize Artificial Intelligence.

Based on the results of our analysis, corporate wellness providers can develop corporate wellness service products not just for physical health but also develop mental health products and healthy food catering that has been checked by nutritionists. For mental health products, corporate wellness providers can develop services by providing features such as 24/7 counseling support from certified psychologists, mental health tools (gratitude journal), and mental health check-up testing.

Our Approach

After getting important insight and product development recommendations from Monica & Co Business Advisory, corporate wellness providers can develop new products or programs that align with their target customer expectation so they can compete and differentiate from other competitors.

The Impact

*We take our clients' confidentiality seriously. While we've changed their names, the results are real*

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