New Product/Service Development and Feasibility Studies
When asked outright, many people have a difficult time communicating what product features they value most. Determining what features are important to consumers, dealers or other buyers is a vital part of the product development decision-making process.
How can your business effectively determine important product or service features? Market research is an essential tool that increases the likelihood of success.
Our product development market research can help you:
- Determine the level of need for your products or services
- Define and prioritize features
- Identify acceptable price points
- Pinpoint ideal market entry timing
- Identify appealing packaging
- Determine the best distribution methods
At Vernon Research, we are well known for our expertise in testing customer receptiveness to new products, ideas, concepts, features and supporting services. In addition to more traditional research approaches, we expertly implement leading-edge conjoint analysis tools. This methodology is highly effective in defining optimal bundles of product/service features and best pricing strategies for emerging products and line extensions. Concept testing, price screening and market validation are additional types of new product studies that can give you the information you need to make sound business decisions.
Questions that Vernon Research can help you answer:
- What level of interest is there in a new product or service?
- What features do people value most in the proposed product?
- What are people willing to pay for my product or service?
- How can I effectively reach new customers?
- How can my current product line be improved?
- Should we sell this service or product to a new market?
- Who is my competition in this product area?
- Who is my target market and who are the decision-makers in the sales cycle?
- Are current customers satisfied with our products and services?
What level of interest is there in a new product or service?
Is your target market ready for a new product? Feasibility studies help you determine a product’s potential sales and market readiness. With this information, you can decide whether to move forward, abandon the product altogether or modify it before tooling and production begins - saving you valuable resources.
What features do people value most in the proposed product?
At Vernon Research, we will determine the product features that are most and least important to potential customers. This not only saves you time and money, it will help you deliver a product that people will love. Our advanced analysis tools and expertise can help you formulate the ideal bundle of attributes that satisfies your customers’ needs and meets your business objectives.
What are people willing to pay for my product or service?
Determining the right price for a new product or service is a critical part of the development process. More often than not, companies under-price their products. Knowing what people are willing to pay for specifically will ensure you a better profit margin. If you are over-pricing your products, knowing their true value may keep you from having to mark your products down later, possibly reducing profits or harming your brand.
How can I effectively reach new customers?
There are more ways than ever to reach out to new customers. How do you determine what’s best for your target market? We will help you sort through the countless options to determine the ideal advertising messages, media strategies and distribution methods for your new product or service.
How can my current product line be improved?
Improving and expanding is what keeps your business on the leading edge and revenue moving up. The sooner you figure out what could be changed about your products or added to your product line, the sooner you can correct it before sales begin to decline. Today’s marketplace demands constant monitoring to ensure you are retaining your customers. Understanding which product characteristics are most preferred by your customers and potential customers will help you maintain and improve your market share.
Should we sell this service or product to a new market?
With today’s technology and globalization, there are more market possibilities than ever. If you are considering expanding into a new market, whether it is selling online, nationally or internationally, you need to make sure your company is ready and has the right strategy in place. We can help answer the questions you need to know before expanding your horizons and investing in new markets.
Who is my competition in this product area?
Knowing your competition is the first step in gaining a competitive edge. You may think you know your competition, but how are they really impacting your business? Determining which features customers want and need could help you create a product or provide a service that is perceived to have more value than what the competition offers. Value is at the core of gaining and keeping market share.
Who is my target market and who are the decision-makers?
Before an effective advertising or public relations campaign can be created, you need to define and understand your target market. At Vernon Research, we will provide you with the details you need to effectively develop and implement your marketing strategy. Identifying and understanding your target audience will help determine the best methods and messages for reaching them. For example, an ad campaign geared toward twenty-somethings isn't going to look or sound at all like the campaign you’d create to reach baby-boomers. And even within baby-boomers, you could have multiple sub-groups such as older parents with children at home, empty-nesters, employed singles, active retired, and even aging in place that all might require distinct messages and tactics.
Are current customers satisfied with our products and services?
Even if your sales are stable, you need to find out if your customers are satisfied. If your customers aren't happy, they may not repurchase, be interested in other products or services you sell or recommend your company to others. Never underestimate the power of word-of-mouth advertising. Whether your customers are happy or unhappy, their opinions will get out.