Before the proverbial launching of a new product or service, it is vital that you understand your market and have some sense of viability. Instincts are all well and good, but when it comes to ensuring your company’s success, there is no substitute for the data. Response:AI has a well-defined system to provide the critical metrics to help ensure that you can blast off with confidence.
So, where do we start? The fundamental aspects of any reliable pre-launch research project begin with overall attitudes experience with the product category. Do the prospective customers have a need for the product? How obvious is that need? Is more education needed to make the product appealing?
Once the new product concept is presented, we follow up with questions that target a few main objectives:
1) Do you like it?
2) Is it credible or believable?
3) Do you think it is for you and people like you?
Next, we ask purchase intention without specifying the price, followed by either a single priced question or a more complex price elasticity of demand question using the Van Westendorp or Grabor-Granger methodology.
The survey can also measure importance of key product attributes, areas of concern, claims and potential taglines, logos, and packaging designs.
Response:AI has developed benchmarks for each of these questions based upon hundreds of previous studies. In addition, we have a proprietary M-POT model which translates stated probability of purchase into a more realistic measure of actual market potential.
But don’t take our word for it. Tim Drasler, Founder and CEO of Welunity, a company that is developing an innovative app for managing fitness studios and other personal wellness businesses, came to us to help hone the key aspects of his technology.
“Response:AI’s research methodology allowed us to determine which platform capabilities were of greatest interest to our target market, as well as to identify competitive advantages versus other solutions in the market. This allowed us to prioritize the development of new functionality and make it available based on market demand.”
When launching a new product or service, comprehensive data is your best defense against wasted money and time. You love your product, but it’s hard to imagine how it looks to a fresh pair of eyes. Understanding your future customers’ needs, grievances, and unique perspective is imperative to your marketing strategy. You wouldn’t launch into space without an engine check, so don’t launch a product without a demographic gut check with the speedy and affordable assistance of Response:AI.
Click here to schedule a demo and learn why Response:AI is the right fit for your company.