The fine level of detail that our market research for product development goes into comes from our extensive experience in helping businesses create offerings that can successfully fulfil people’s needs.
There are three phases to the research, for which both qualitative and quantitative methods are used.
Phase 1 — Scope Out the Market
This means discovering the unmet needs that your product hopes to fulfil. Consumer behaviours are investigated in detail — not just in a linear style, but using correlation analysis. This means we can examine links between people’s wider needs, interests and habits, to ensure that you can target them in the most effective way. We then find out whether there is sufficient desire for a new offering that matches with those behaviours.
Phase 2 — Early Concept Testing
Here, we examine a series of product concepts to determine which direction is best to pursue. The individual elements of each will be compared to find out the attributes of each that are most appealing to customers. This means we can recommend the best approach for further development.
Phase 3 — Go to Market Strategy
Once the product is more advanced in its development, we test how best to capture the interest of your market. From its appeal to potential customers and how likely they are to try it, to what they find its most appealing features and how willing they are to pay.
This stage also explores the pricing and messaging that will help the final concept best capture customers’ interest and persuade them to buy. It will also determine the channels and retailers through which they can be found.