Agile product development with consumer insights before market launch
Posted on 9 November 2020 Conjoint.ly
Validate your best product ideas with product testing. Identify which products/services offer the best market opportunities to avoid wasting valuable R&D efforts. Test individual aspects of your product concept including features, branding, and messaging to set your product up for success.
Concept testing provides meaningful insights from target audiences during the early stages of idea generation. It works by testing consumers’ acceptance of different product concepts, allowing you to shortlist the most favourable ideas for further development. Concept tests not only give your product the best chance of success but also save significant time and costs by ensuring only the most promising ideas proceed to launch.
Rank and select the best potential product concepts and branding elements
Concept tests can quickly distinguish bad ideas from great ones by providing a clear ranking of your concepts. This allows you to focus exclusively on higher ranked ideas, increasing the potential success of your product. Use concept testing to further identify the strengths and weaknesses of your top-ranking ideas and take them to the highest potential.
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Test your ideas on consumer appeal to unravel likes and dislikes
Concept tests gather detailed feedback about consumers’ likes and dislikes about your product idea. This information is vital for adjusting your concept to suit your target audience and avoid costly changes post-launch. Identifying your audience’s wants and needs also helps you create effective strategies for positioning and marketing similar products in the future.
Determining the optimal pricing point for new products, forecast demand and commercial potential
Effective pricing is the key to a product’s profitability. Regardless of how well your target audience reacts to your product idea, the wrong price can prove disastrous to actual sales once it hits the market. Finding out how much your audience is willing to pay for your product pre-launch is much easier and cheaper than adjusting the price of an existing product. Forecast demand and create revenue projections by testing how your audience’s acceptance of your new product’s pricing.
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Pick product features and benefits for ultimate packaging design
Using initial audience feedback will help you design appealing packaging. You can find out which keywords consumers associate with your visuals and adapt your marketing strategy accordingly. Pinpoint which features consumers value most to create packaging that resonates with your target audience. Test several different packaging options to see which works best for your product.
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Test new target markets and reach out to new segments
You may have more potential buyers than you think but have not uncovered all potential segments. Expand your customer base with new segments and optimise your messaging channels to deliver personalised messages.
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Conjoint.ly helped select features for a new credit card offering
Bank Co is a major consumer bank in the US. Given a recent shake-up in competitors’ offerings, Bank Co is considering launching a new credit card boasting travel benefits to attract young professionals who lead a mobile lifestyle and travel for work.
Goals
As part of strategy review, the insights team identified the need to check how important membership in lounges would be as part of the credit card package for the target market.
Outcomes
- Bank Co performed Generic Conjoint, which included 5 reward features and 4 levels of potential annual fees
- Generic Conjoint confirmed lounge membership to be the most important feature for a credit card offering. Consumers were willing to pay up to ~$250 annual fee for it
- The study provided agile and actionable insights to help Bank Co understand the value of lounge membership before investing in a partnership with the airline companies
Fast and reliable results for concept testing
What is Monadic Testing and How to Use It
Monadic testing isolates concepts to maximise response quality and consumer preference towards individual products.
Learn moreHow To Interpret Partworth Utilities
Partworth utilities are numerical scores that measure how much each feature influences the customer’s decision to make that choice.
Learn moreConjoint.ly platform makes concept testing easy
You get agency-quality results at a fraction of the cost and time investment. One powerful end-to-end platform for insights teams for fast and reliable market research.
Support for insights teams
Get answers to questions about concept testing experiments. We can help you with agile consumer research and conjoint analysis.
Book a quick call today to talk with the team who specialise in product and pricing research methods.
Understand concept testing in detail
How Consumers Enhance New Product Development
Learn how consumer research guides the new product development process by helping to predict customer acceptance, preference share, and profitability.
Learn more5 Best Practices in Concept Testing
With 95% of new products reportedly failing due to lack of preparation, it’s clear that businesses must execute more effective planning measures during product development or will likely join this statistic.
Learn moreHow to Have a Perfect Product Launch
A good product launch is a sign of a top seller — so how do you ensure yours is a success? Read our 8-step guide on how to have the perfect product launch.
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