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New products must fill an unmet need of the target consumer to be differentiated, successful and to create growth and profit.

Product Needs Assessment Integral Part Of 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.

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.

Small Groups Present Special Opportunity

Consumers and target segments are not monolithic. There may be smaller groups within your segment that present a special opportunity to the company that can best meet their unique needs. Marketing segmentation can help you uncover these hidden pockets of opportunity for new products.

Understanding which features and benefits are most important to your target segment is critical to developing successful new products. Traditional marketing research importance measurements have evaluated absolute importance. Consumers, however, make trade-offs in their purchasing decisions, optimizing among the features and benefits that are important to them. MaxDiff Analysis allows marketers to understand the relative importance of product features and benefits within a defined feature set. Using this more robust importance measurement can also lead to further segmentation of your target audience.