When it comes to launching a new product, thorough and effective research is absolutely key. The stats, otherwise, can be very damning. For instance, only 30% of new products succeed. That’s way less than average.
So, right off the bat, the odds are not necessarily in your favor. But that’s alright. Good development research can change everything. First of all, before I proceed into the details of what makes product development research effective and how to go about it, it is important to know the aim of this key process.
Generally, the aim of product development research is to gain consumer insight straight from the beginning of the product development process. This way, you can have the conviction that you’re on the right path and are not just undertaking an important endeavor blindly.
Solid product development research significantly increases the possibility of a successful product launch. So what are the key steps involved in making this process effective? Well, the first thing is proposition development.
Proposition development answers one question: is there a reason to believe in your brand and what it offers to this particular market? Once this is answered, you can move to test your concept.
Concept testing helps you identify the strongest areas of your product and how to consolidate or improve upon it through iteration. This leads to concept validation, wherein you’re satisfied you have a solid concept with no weak areas.
The experts at Kadence recommend moving on the product testing from here. At this point, most of the job is already done. The only thing that is left is pricing research. Once you have the optimum pricing for each point of your products/services, you are officially ready and can count the product development research process as a success.