Wednesday, December 2, 2009


Product Concept Testing

Few business activities are as costly and risky as introducing new products. Only a small portion of new products are truly successful. For the rest, the most salient feature is often the cost of the products to their creators, either in money or, in some cases, reputation. Unfortunately, many companies fail to conduct sufficient market research during product development.
Product concept testing is an essential tool for managers who must bring new imaging and document technology products to market. Vendors need to conduct research throughout their development effort to ensure they are developing solutions for relevant problems, understand customer requirements, and are emphasizing valued features. InfoTrends recommends companies plan on a series of research activities at key junctures, including:
Early concept development
Initial product design
Beta tests
InfoTrends regularly conducts research to help clients generate objective insights from a variety of customer segments.
Understand the existing workflow and business or consumer problems
Assess the current solutions and competition
Identify benefits the new concept will provide
Quantify the value of product features
Assess interest in alternative product configurations
Test pricing sensitivity and demand
Understand the purchase process and decision makers
We can apply the right research methodology in the major geographic markets to answer your questions and develop a consensus across your engineering and marketing teams.
Personal interviews
Focus groups
Structured surveys
Conjoint analysis
Dealer interviews
Competitive profiles and benchmarks
InfoTrends is a cost-effective research partner that understands the imaging and document technology markets. We can support you at any stage of your product development program to increase the chances for success.
1 Recruit and lead customer focus groups about new product concepts
2 Recruit participants for beta tests
3 Survey end-users about product preferences and unmet needs
4 Interview dealers and distributors about current products and unmet needs
5 Size and forecast the current market for products of the same type
6 Estimate the market for the new product
7 Test pricing