Marketing Research for NPD A Market Research in the right direction and with the help of experienced Market Research Consultants can help reduce the chances of failure and pave a winning path for a new product launch or an old product re-launch.
In Product Development, Market Research (mix of both qualitative & quantitative) comes in as a very handy tool to assess market potential and ensure a deep-rooted product / concept, by helping with accurate need analysis. New Product Development is critical to ones business due to the reducing product life cycle and to prove your progressiveness and responsiveness to the customer demands and ever changing markets. This helps attract customer attention and publicity.
Concept Development to ProductLaunch Market Research can be a part of the Product development at various stages from Egg implantation into the mothers womb to the final Delivery of the baby. Time is Money - Timely market research with high budgets can sometime prove much productive than a long-term but well-budgeted qualitative market research, because of an early launch and the first mover advantage. Customer is the King- Retaining the existing market share and the users is very important and critical to an organisations health and wellbeing. Research helps in listening to consumer demands, invest in product development, innovation and improvement; and thus, make the customer feel important by being heard; which in turn rewards you with customer loyalty and an increased customer base.
Elimination of Ideas with no potential Returns Market Research can help reduce the risks of potential hefty investments in future at a very nascent stage, by identifying the market and bouncing it off the identified target audience and focus groups. Thus, it can be a very strong reason to choose the right Market research organisation today…to avoid wrong turns and unseen accidents. Market Research Analyst is at the core of market research and has to use self-analysis, expertise and judgement; in addition to other qualitative research tools available for planning a successful launch of a New Product. These analysts act as moderators of an idea, rather than be a part of it at every step. They help testify, verify and put your beliefs on the right track.
Need meets Demand and Product meets the Needs Products and concepts of innovative nature are difficult to be researched, owing to their intangibility. An experienced Researcher can help with this by bridging the gap between the new product development opportunities and the unmet needs of the buyer or the potential users by educating the Target audience and planting the seed for it. Market research may be regarded as an experiment that can be unsuccessful if not conducted under the right and suitable conditions. Bottom-up approach of Needs Assessment and Concept Screening is more successful that the top-down approach of trying to fit and create acceptance of a new product or concept into the current market. Penetrating New Markets – Qualitative Market Research helps find new markets for some old products or helps develop strategies for brand re-positioning or, rejuvenates the product life cycle by helping study the underlying needs of consumers.