New product / brand launch

From time to time any business develops and launches new products. This process is always risk bearing, particularly if the company operates in a highly competitive environment. According to statistics, only one of the six new products on the market is successful, and the other five, for some reason, do not meet customer expectations. Therefore, before starting mass production and conducting an active advertising campaign, it is necessary to test a new product.

This allows you to get valuable information from consumers, regarding their perception of trends. At the same time, it is not the product itself that is tested, but its concept. For this, quantitative and qualitative methods are used.

What is product concept testing?

Concept testing is carried out before the mass launch of a new product. As part of this process, the manufacturer analyzes the audience's opinion about the tested product, and makes a decision about the appropriateness of its conclusion and the concept of promotion on the basis of this research.

The problem is, that the product does not actually exist, so the following parameters are evaluated:

• concept;
• ideology;
• outline study;
• future marketing strategy.

The main task is to identify strengths and weaknesses, as well as the characteristics which allow the novelty to surpass existing analogues. Based on the information received, the correct marketing promotion strategy is drawn up.

What information is important for a marketing strategy?

Testing a new product provides the following important information:

• end-users' perception of the concept;
• reasons for possible rejection or fear on the part of buyers;
• clarity of the product concept to consumers;
• value analysis of the new product for buyers, compliance with their expectations;
• comparison of new items with products of competitors on the market;
• the willingness of buyers to make a purchase;
• acceptable cost for buyers;
• further purchase frequency;
• attractiveness and memorability of name for consumers;
• matching the logo / product name.

All this information will allow you to estimate sales volumes, possible profits and losses. In addition to new products, existing products on the market to be tested to compare with competitors' products (especially, if they launch something new). Manufacturer understands how to change the preferences of consumers, which makes it possible to make changes to your product (change of shape, packaging, volume, design updates etc.).

ResearchView conducts testing of a new product concept, using modern research methods. This analysis will show how potential consumers will perceive the new product, what its target audience, which is very important for a successful product launch and effective campaign.