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Successful development and marketing of a new product is not an easy task with average failure rates of 75% to 90% within the first year after rollout.
Even established products are at risk when an attempt is made to refresh or otherwise changed them as illustrated by the ‘Classic’ example of the backlash Coca-Cola experienced introducing the ‘New Coke’ formula.
Testing and tracking research helps avoid surprises and disappointments by aligning the product features, positioning and pricing with expectations and desires of purchasers.
Reveal Research offers numerous methodologies to achieve that includes online surveys and panels, focus groups, as well as competitive and conjoint analysis.
- Assess what needs or wants your product fills and for which market segments.
- Decide which features are crucial and which are optional or adverse.
- Score multiple variations of product and package appearance.
- Determine optimal price points and marketing mix.
- Predict and observe performance against competing brands.
- Collect and analyze satisfaction levels and usage statistics.
- Identify opportunities for complementary products and cross selling.
Reveal Research is qualified and excited to help you at every stage of a product lifecycle. With application of sound research techniques you can dramatically increase the success of your product and optimize its profit margins. Contact Reveal now for a complimentary research requirements assessment and marketing research consultation.
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