Successful new product development requires the marketer to identify opportunities, conduct product needs assessment and then develop new products better and faster than competitors. Easily said, but not so easily done. 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 identifies 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. Market 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.

Contact us for more information on product needs assessment and product opportunity research.