Gauge Success of a New Product, Service or Idea

In our experience, feedback from the marketplace is mandatory when introducing a new product or idea to the market. Not knowing your market often comes at a high price.

Use of this quantitative technique during the new product development process is also a “best practice” for strategic marketing. Concept testing data is most valuable to refine a new product or service before it is commercialized. Concept testing can also validate brand strategy options.
Concept testing results can be used to:

• Estimate price sensitivity and purchase likelihood
• Identify features and benefits that drive purchase likelihood
• Identify target consumer segments
• Assess how target consumers want to purchase the product or engage the brand
• Identify buying centers