Product (or service) development research can significantly increase your chances of success – irrespective of whether your product (or service) is physical or conceptual.
Main types of new product (or service) development include:
- New concepts, eg. resulting from innovation, which can create new markets.
- Additions to existing products (or services), eg. different variant(s) to an existing product.
- Changes to existing products (or services) to better meet market needs.
The Market Intelligence Co.’s “Concept-to-Market” roadmap helps you to eliminate those ideas/concepts/products (or services) with little or no chance of success. Concepts are evaluated on a wide range of criteria at each stage of the process.
At each stage of the “Concept-to-Market” process we use a range of assessment methods that will evaluate your idea/concept/product (or service). Typically, this utilises a combination of various tools and techniques (including exploratory research, secondary/desk research, and quantitative research).
Research can commence or be applied at any stage of the “Concept-to-Market” roadmap, however, the earlier you start the better.
Roadmap – Ideation/Concept Research
Roadmap – New Product/Service Research
Market research is typically used across the product development lifecycle to evaluate:
- existing products/services challenges/gaps
- market potential and growth
- target customers – eg. who, their needs and unmet needs, how to reach them, how to communicate with them
- market positioning
- price positioning
- key benefits, differentiators
- barriers, obstacles and risks
- potential of cannibalising existing products/services (or programs).
New product/service research has high ROI and can significantly increase your chance of success. Too many critical decisions are based on “gut feeling” and internal assumptions.
The Market Intelligence Co. can provide you with a rigorous and objective assessment of the market potential for your new product or service at any stage of the “Concept-to-Market” roadmap.