New Product Development An Expensive and Risky Journey
Is your current research giving you the confidence you need to continue investing money in your new product or service idea?
You have an idea for a new product. It could be a new application or enhancement for an existing device, or an all new disruptive innovation – a potential blue ocean opportunity. Either way, going from idea to market is costly, and there is risk of commercial failure every step of the way, from upstream product design, to downstream pricing and positioning.
Product Development Research
When investigating an opportunity that is new to you, qualitative insights can help ensure you’re heading down the right path.
MarketResponse begins by having discussions with your target customers - which could include consumers, commercial customers, medical and other professionals, etc. - by way of in-person or online interviews, focus groups, or in situ observations.
From these qualitative explorations we want to find out:
What are customers’ attitudes and experiences with current products and practices?
What rich insights regarding unmet needs and pain points can we uncover?
Are target customers attracted to your new product idea? If so, why?
What do they see as the value and ultimate benefits from using the new product?
To determine market viability, and finetune product design and positioning, we conduct quantitative research, featuring our proprietary MedCon Diagnostic™ model.
Quantify customers’ unmet needs, and attractiveness and desire for your new product
Reveal relative importance and attractiveness of product features and benefits – diagnostic insights that inform product design and positioning
Obtain price/value perceptions and estimates of volume of use at various price points
Engage MarketResponse International, Innovations Insights Consultancy
Investing in a new product concept without the right research is a gamble that most cannot afford to lose. Put MarketResponse International’s global innovations research experience to work for you!