As many as nine out of ten new product launches fail. That is largely because companies fail to go through a ‘stage gate process’ to ensure their new product has a high chance of success before launch.
Thanks to new product research, you can greatly increase your chance of success - whether your product has been created or it’s still in the conceptual stage.
While ideas are never in short supply, they must be screened to eliminate those with no chance of success. Our ideation sessions are excellent for this.
We are experts at helping you turn your ideas into concepts that can be put in front of potential customers and tested. For example, we encourage you to use photographs, schematics and words to describe the new offers, because the closer the description of the concept to the final product, the better the result.
When using prototypes, we make sure they are tested in realistic conditions. We also ensure the product launch itself is an opportunity to track success and to make corrections, if necessary.
To read some of our publications on product development research, follow the links below:
New product research has a high ROI and can significantly increase your chance of success.
While ideas with no future should be eliminated before they waste valuable time and money, we assess all those new products that have potential. We know only too well that new products often start small, eventually growing into a huge market.
We are not involved in every stage of new product development. We act as moderators during ideation, testing concepts by allowing the target audience to touch and feel the new product, and using focus groups to discuss the product in depth.
Quantification is used to determine the likely penetration and take-up, while online research can be helpful because it is very easy to show pictures and diagrams of products in different forms. Product trials are critically important. We make sure that the companies chosen are committed to the process and that they have signed a nondisclosure agreement.
Using and testing products in the right way is vital and completing the test within the agreed time slot requires the skills of a good market research company.
The following webinar was recorded during our Go Beyond Webinar Series in June 2015. The webinar discusses 10 ways to identify new product opportunities - from breakthroughs to product enhancements and additions.
Key topics covered include techniques to uncover revolutionary ideas, and establishing success criteria for making go/no go decisions.
One of our clients makes safety products used by workers on production lines. In order to carry out the product trial we engaged with the health and safety managers and production managers (the gatekeepers) who specify what type of safety products are used in their factories. The companies that took part in the survey received an incentive, much of which was passed through to the workforce.
Precise instructions were written and passed to the workforce so they knew how to test the product and, after a proscribed period of time, they filled in a self-completion questionnaire to share their views on how it performed. A small number of participating companies (20 to 30) can generate 200 or 300 workers who test the product. It is important to spread the product around different companies to find out how views differ.