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.
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.
To discuss new product ideas and learn how Infiniti’s expertise can help you tackle unique product development challenges, integrate idea screening in new product development,and maximize product success rates. Request a FREE proposal now!
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.
You’re just a click away, explore our services and learn how we can help you. Request a free brochure now!
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.
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Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement.
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