New Product Development Research
- The word ‘new’ is one of the most powerful in the marketing vocabulary. We are attuned to progress and ‘new’ often means ‘better’ or ‘faster and cheaper’. However, as many as nine out of ten new product launches fail. This is mainly due to lack of a ‘stage gate process’, which ensures the product is likely to succeed before it is launched. From idea creation and concept testing, to product testing research, Insight Survey will add value to your research process.
All businesses are constantly looking for new ways to grow and thrive. New product development (NPD) is a key strategy for achieving this growth. NPD is the process of bringing a new product/service to market, from the initial idea to the final launch. It’s a complex process that requires careful planning and execution.
Research is crucial throughout the NPD process. Product development and market research work together to reduce risk and increase the likelihood of success. Marketing research for new product/service development projects helps companies understand customer needs, identify market opportunities, and validate product concepts before investing significant resources. By understanding your target market and their preferences, you can develop products/services that meet genuine needs and stand out in a crowded marketplace.
Benefits of New Product Development Research
Investing in new product development research offers many benefits that can significantly impact a company’s bottom line. When developing new products, marketing research plays a crucial role in:
- Mitigating risks and improving product success: By gathering valuable insights into customer preferences, market trends, and the competitive landscape, market research helps companies make informed decisions at each stage of the development process, reducing the chances of product failure and increasing the likelihood of success.
- Understanding customer needs and market trends: Through surveys, focus groups, and other research methods, companies can gain a deep understanding of their target market and their evolving needs. This knowledge empowers them to develop products that resonate with businesses/consumers and address their pain points.
- Optimising product features and pricing: Research helps companies identify the features that customers value most, enabling them to prioritise product development efforts and create offerings with the right combination of features and pricing.
- Boosting time-to-market efficiency: By validating product concepts early in the development process, research helps companies avoid costly delays and launch products faster, gaining a competitive edge in the market.
What Insight Survey’s NPD Research Offers
At Insight Survey, we specialise in providing comprehensive research solutions that empower businesses throughout the NPD process. Our expertise in NPD research allows us to guide you from idea generation to product launch, ensuring that your product/service is poised for success. We can also apply these concepts for customers wanting to improve upon existing products and services.
We use a range of research methodologies, including NPD online research, to gather valuable insights into your target market and their preferences.
Important product development research (NDP) considerations among potential customers:
- We can test concept by using schematics, photographs and words to describe the new offers.
- If you have a more final concept, we let the target audience experience the new product concept.
- When using prototypes, we ensure they are tested in realistic conditions.
- Product trials are critically important, we ensure the companies chosen are committed to the process.
Based on our experience, we usually conduct Online Surveys or Telephonic Surveys with customers using our in-house telephonic survey unit. However, depending on the target market and your needs, we conduct Personal In-depth Interviews or Focus Groups Discussions with B2B customers.
Quantification is used to determine the likely penetration and take-up of the new product. Online Surveys are often used because it is so easy to show pictures and diagrams of products in different forms.
For more about our research process, click here.
Here’s a breakdown of how our research can help you:
- Market analysis: We provide in-depth data on current market conditions, the current competitive landscape, and customer demand, allowing you to make informed decisions about product development and positioning.
- Concept testing: Through surveys, focus groups, and interviews, we help you assess consumer interest in your product concept, identify potential design improvements, and determine optimal pricing strategies.
- Prototype testing: We gather feedback on initial prototypes, enabling you to refine your product before entering mass production.
- Marketing and launch strategy: We use research results to shape marketing, positioning, and promotional strategies, ensuring a successful product launch.
- Existing product enhancement: We can help you identify areas for improvement in your existing products, uncover untapped opportunities, and develop strategies to enhance their performance and market appeal.
With Insight Survey as your research partner, you can confidently navigate the complexities of the NPD process and launch products that truly resonate with your target audience.
New Product Launch Performance Analysis
- Trial and Repeat analysis is critical in monitoring the development of a new product or line extension. The analysis breaks down the key drivers of new product volume, trial and repeat, providing direction in evaluating performance and determining new strategies.
A survey amongst triers and repeaters, triers and rejecters, and non-triers provides insights into key motivators and perceptions surrounding the new product. The result is a clear understanding of trial and repeat purchase behaviour, and the motivators and barriers affecting this behaviour.
Example of questions we help you to answer:
- Is my new brand meeting trial objectives?
- When is my trial starting to slow?
- Why are customers not repurchasing my product?
- Is one size or configuration more successful at attracting trial?
- How is my repeat business developing?
- What is the long-term potential for this brand?
- How is this product consumed by triers versus repeaters?
Why Partner with Insight Survey?
Insight Survey boasts a proven track record in delivering actionable market research insights that drive business growth. We pride ourselves on our in-depth industry knowledge, gained through extensive secondary research and detailed briefing on project-specific jargon and technicalities.
We leverage a wide range of research methods, including telephonic surveys, online surveys, personal in-depth interviews, tracking and omnibus studies, focus group discussions, and secondary desk research. Our project management team remains actively involved throughout the entire research process, ensuring that insights are grounded in personal experience and tailored to your specific needs.
We employ leading-edge analytical methods and world-class analysis software like SPSS to deliver business-oriented information that guides executive decision-making. Our techniques include CHAID decision trees, cluster analysis, factor analysis, conjoint analysis, correlation analysis, correspondence perceptual mapping, linear programming, optimisation, regression analysis, sensitivity analysis, significance tests, and what-if analysis.
Ready to advance your new product development with impactful market research? Contact Insight Survey today and let’s discuss marketing research for a new product development project!
Our B2B Market Research Services
Our B2B market research services can help your company make smarter business decisions by identifying key data and intelligence based on your specific needs.
