Formulating New Product Ideas: Three Bits of Advice From Our Market Research Experts
A business that does not introduce new products in the market will most likely lose ground in the long run while its competitors invest in creating new products to increase market share. The success of a new product launch, therefore, plays a crucial role in driving business growth. In most cases, new product development begins […]
A business that does not introduce new products in the market will most likely lose ground in the long run while its competitors invest in creating new products to increase market share. The success of a new product launch, therefore, plays a crucial role in driving business growth. In most cases, new product development begins with new product ideas. However, this might not be the case always since new product development is not always about new, innovative ideas but the creation of products that are most likely to meet the evolving consumer needs.
At Infiniti, we believe that new product ideas and the successful launch of products can redefine the growth strategies of companies across markets. Since product development is a complex and risky process, brands can avoid making blunders by adopting a systematic research backed approach that assesses the viability of new product ideas at an early stage in product development.
Integrating research insights into your product development process must be an ongoing process. Contact us to find out how we can help you.
To better manage product development, businesses today adopt a systematic, market research-backed approach that focuses on creating successful, new product ideas. Conducting product market research at an early stage in new product development enables businesses to gauge a new product’s viability from the initial stage to post-launch.
We believe every new product development strategy must have focal points to maximize success rates. Focal points must include a clear definition of the target market, analysis of competitors’ products within the same category, and a well-defined business case. This article sheds light on how in-depth market research insights, when used correctly, can shape the creation of new product ideas while minimizing the risk of product failures. By offering comprehensive insights into each phase of creating a new product idea, our experts also help you put an end to your quest of determining how market research aids new product development.
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How Market Research Can Help Create New Product Ideas
Today, market research is revolutionizing the process of creating a new product idea. While leading businesses are already integrating research insights into their product development approach, a few companies are still skeptical of how and why research must be conducted at an early stage. If your business is one among them, here’s how market research can help.
Leverage market research to accelerate the creation of new product ideas
Market research can be used across all product development stages. However, it must be leveraged in the initial stage of creating a new product idea to ensure a successful launch.
Hear out the concerns of your customers using the voice of customer research
While businesses shouldn’t rely on customer feedback as the only source to generate new product ideas, it is vital to customer feedback and opinions while mapping out a new product idea. VOC analysis or voice of customer analysis can act as the ideal starting point for identifying and defining the unmet customer needs.
Focus on internal collaboration
Lastly, it’s crucial to make internal collaborations a part of your new product idea creation process. Ongoing collaborations and interactions between the sales, marketing, and R&D teams can help generate new product ideas. The more the ideas, the greater the likelihood of securing a winning outcome.
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Analyzing the Different Phases of Market Research in New Product Development
Conducting in-depth research at every stage of product development can help analyze customer needs, gain awareness of similar products, identify price benchmarks and the overall market potential for the new product.
Concept Testing Market Research
Concept testing must occur at an early stage, ideally during the new product idea generation phase. Leveraging research insights early on can help businesses gauge new products’ viability and success rates and focus their R&D efforts on concepts with the greatest market potential.
Market Opportunity Analysis
Once concept testing is completed, additional research is often required in the next stage to gauge new opportunities, analyze the market size and the potential for the new product. While research insights from the initial must be frequently incorporated into the business case, market opportunity analysis often provides evidence of the opportunity.
New Product Development
Market research at this stage generally focuses on quick customer reviews and the development of prototypes.
Product Validation and Launch
Validation based on customer feedback will empower businesses to gain insights into the product’s success rates. Post this should a product make it to the final stage in product development, its ultimate success can be traced back to getting the positioning, promotion, and pricing right, and the market research conducted at the earlier stages that enable companies to define and design the optimum marketing mix. However, a few companies conduct in-depth research post this stage to assess its initial uptake and keep track of the product’s position in the market over time.
While there is little doubt that the success of new product ideas depends on extensive market research and a detailed customer needs assessment, there is also no getting around the fact that it is an extensive and challenging process. Market research might seem challenging and contribute significantly to the overall costs of new product development. It is imperative to consider the potential costs of not conducting market research and developing a product only to find no market scope. Looking for comprehensive insights? Request more information.