Which new ideas, concepts or product enhancements should you invest in?
Which new ideas have the most merit?
How do you implement these ideas for market success?
Invention statistics can often be disheartening. With 99% failure rate, how do you determine which ideas will lead to a commercial success? Concept development research uses customer feedback to determine which ideas stand above the rest – allowing you to focus your efforts and get the most value out of R&D investments. Concept development can also reveal potential enhancements or alternatives that may allow you to rise above the competition or to fine-tune or expand your current portfolio.
We have extensive experience developing & assessing new ideas, developing and refining concepts and pre-testing new products before taking them to the marketplace. By doing your research throughout the new product development process, you can understand the sweet spots of your new ideas and develop products that best fit the target market.
Dependent on market information readily available to you and where you are in the development process, this is typically an area that needs both Qualitative and Quantitative methods of research in funneling the ideas into the most viable products or services to best succeed.
Qualitative Methods via Focus Groups, Web Interviews and / or Advisory Groups – in-depth discussions to determine initial reactions relative to competitive benchmarks, likes / dislikes, opportunities for improvement, product viability, refinement, etc.
Quantitative Methods via Concept Online Testing or Clinics / Central Location Testing (CLT) – cost-effective or traditional methods utilizing stimuli (brief concept description, illustrations or renderings, benefit statements, etc.) to assess concepts and / or prioritize concept ideas or features.
Customer Advisory Sessions – often conducted with full-size prototypes, allowing target customers & dealers to interact (see, touch, experience) new concept prototypes.
MarketVibes Contributions + Successes
We can proudly say that MarketVibes has provided valuable feedback on a number of product lines that have assisted manufacturers in refining their concepts into award-winning new products. And in many cases, these products have surpassed sales expectations. MarketVibes has conducted this type of research in various industries including automotive, automotive electronics, consumer electronics, office furniture, residential furniture, nutrition / healthy living, education, among others.