Launching new products can help grow your business and many companies set targets to ensure that a significant proportion have been launched within the last five years. However, it is not unusual for new products to be launched on a whim, quickly joining the 'new products graveyard'.
New product research, especially in business to business markets, needs knowledge and experience. We have probably tested more business to business concepts and more prototype business products than any market research company on the planet. We have researched new workplace gloves, new financial services, new business processes, new telecoms, new chemicals, new types of metal, new cleaning products - you name it and we have probably researched a new version of it.
The toolkit that we use for new product research varies according to the audience and the product or service itself. Where appropriate we use focus groups, depth interviews, and conjoint surveys from which we can model the market to show what sales will be with different product variations and prices.