Product Development research can save you time and money during the development and launch of a new product. Our product development research approach aligns with your stage gate planning process by utilizing qualitative and quantitative methods where appropriate.
You must understand the problem you're trying to solve, evaluate product opportunities within your category and define a marketing strategy to impact product adoption.
Our approach provides information on each of these stages — from product ideation to concept validation to price elasticity and messaging.
During the discovery stage, we start by talking to respondents about their product selection process. Who chooses their products? Who is the best target for sales and marketing? Do they consult with anyone else? This ensures we talk with the ideal target and helps inform target marketing strategy.
Then we look at how customers are using the product, including where, when and why. Do the current products available meet all of their needs? What don’t they like about the product? What improvements do they want? What solutions have they implemented to solve for shortcomings of the product? Through cluster analysis, we identify potential concepts and needs that guide concept strategies.
Discovery includes the following features:
During the concept testing stage, we evaluate what customers think about your product concepts to determine which concepts have a higher rate of acceptance and what improvements should be made. Which concept is preferred and why? How or where would they use it? Which features resonate most? What are the perceived benefits? Would they be willing to try the concept? What can be improved to better meet their needs? And how likely would they be to buy this product?
Through use of various research methods such as Product Usage Trials, MaxDiff Scaling, A/B Testing or Monadic Testing, we apply proven techniques that result in clear recommendations for the most successful concept in the marketplace. You will know which concept stands out, why and what modifications will further increase adoption rates.
Concept Testing includes the following features:
During the pricing elasticity and feature valuation stage, we utilize research methods and modeling to provide recommendations on which combinations of features are most desired and at which price points. The result is a product and pricing strategy customized to increase your sales. How much do features impact product preference? How much would they be willing to pay for this product? What is the ideal set of features to include on the product?
Pricing Elasticity and Feature Valuation includes the following features:
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We bring industry and category knowledge to your project, which gives you a head start by allowing us to start discussing your specific needs. Through our in-depth conversations, we’ll define a customized research approach that will produce detailed insights to drive informed strategic decisions. We’ll survey targeted, pre-screened, tightly-profiled respondents, and use their answers to analyze the data and build your report. We then apply over 150 years of combined industry knowledge to bring a deeper level of analysis and recommendations. You end up with data-driven insights supported by industry expertise that provide you with actionable recommendations.
If you are ready to discuss Farnsworth’s Product Development research today, fill out the form below for a free project consultation.