Research Increases New Products Succeed
Everyone knows that most new products fail before they get off the ground, resulting in wasted time, money and opportunity. New product research helps you increase your chances of success in the high-risk arena of new product development by helping you identify unmet needs, screen concepts and plan for marketing communications to support the successful launch of your new products.
Hearing the Voice of the Customer in New Product Development
Successful new product development and marketing require the marketer to identify opportunities, conduct product needs assessment and so develop it better and faster than competitors. Easily said, but not so easily done. After all, these unmet needs must be significant enough with sufficient consumers to be attractive to Marketers in the first place. And then the Marketer must find a way to meet this need and market it - before and better than competitors can. Information from the target audience to identify opportunities and conduct product needs assessment is critical for new product success.
Needs Analysis/Opportunity ID
In addition to the resources you have at hand, product opportunity research in the needs analysis/opportunity identification phase of developing a new product helps bring the Voice of the Customer. By creating an accurate assessment of satisfaction with current products, we can identify underserved needs and outcomes that can be exploited with a new product or with an existing product marketed differently.
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