Whether launching a new product or service – or overhauling the brand itself – it is vital to find out how different customer groups are likely to react before making costly investments.
Using detailed research from Clusters, businesses are able to make an evidence-based decision on whether the time is right for product development and launch something new or change their proposition. This is based on:
- Understanding how an existing product or service performs with current and prospective customers.
- Identifying gaps in the market for new products or propositions.
- Testing these to determine interest levels.
- Aligning the benefits of new products against current customer motivations and barriers.
- Uncovering the most effective pricing strategy.
Clusters can generate customer segmentation data, or use existing information, to provide guidance on which target segments will be most receptive to the new offer. Rather than relying on demographics like age and gender, which does not paint an accurate picture of how someone might actually respond, the research is based on the customers’ current behaviour and how inclined they are to change.
For more details on how research can inform product development and positioning, take a look at how we helped the Institute of Directors (IoD) roll out a new membership programme or get in touch with us.