Online Briefing Template
Launching a product in the midst of a pandemic comes with further challenges. Customer behaviour is drastically changing by the second. Financial restraints are changing the way consumers spend, and consumers’ needs and desires are not what they were pre-pandemic. However, this doesn’t mean that launching a new product should be avoided. Quite the contrary. As Trend Hunter puts it, “How can your brand pivot its services to meet the needs of consumers during challenging times? How is your brand shifting gears to best support its customers in uncertain times? How is your brand adapting to changing consumer needs and expectations?”
All these questions can be answered through market research and concept testing prior to a product launch.
Identifying the specific population segments that appeal to your product through the fielding of product concept tests will help you to gather the information that assists in your product’s journey. During the development stage, concept testing is a fundamental step that contributes significantly to a successful product launch. It assists in refining the features of a product, allowing you to embody exactly what consumers want and need within your new product before it hits the shelves.
Concept testing assists in the gauging of consumer reactions – creating a product that turns on potential consumers instead of turning them off. Concept testing also assists with providing much understanding of how your potential consumers will want to receive or purchase your product. Through awareness of distribution logistics, you will get to know and understand how long your customers are prepared to wait for your product and their preferred distribution and delivery methods.
Then, when it comes to the price point, before launching your product into the public sphere, ensuring you have the right product price point will eliminate the potential for customers to be turned off should the price be too high. Furthermore, concept testing is a beneficial way to verify ideal price points as you will get to understand suitable price points for your market. Should your market want and need a mass product or a luxury product, you will be able to adjust accordingly.
Speaking about adjustments, concept testing of multiple products or multiple versions of a single product will assist you in refining the positioning and messaging of your product which will be launched. Refine your product to become as desirable as possible through effective product positioning and messaging. Concept testing allows you to create a product that sticks in the minds of potential consumers over and above competitor products through messaging optimisation. In turn, this allows you to maximise revenue and minimise risk as soon as your product is launched. Through the refinement of product messaging and positioning, as well as adjustments are done as per all the other market data gained, obtaining a general feel of how your product will perform in the marketplace and understanding if your new product is worth investing in further will help you eliminate low-potential products, locate the optimal customer segments and segment sizes, as well as optimise market messages for the most appropriate sales channels. This, in turn, will result in a successful product launch and higher revenue opportunities.
At Market Instinct, our product concept testing and market research will help you feel confident in your product before launch and will also go a long way in ensuring consistency, sustainability, and success long after the product hits the shelves. Contact us today for market research trends and concept testing, which is vital prior to a product launch. Call our market research experts on 011 792 1334.