To elevate their brand performance, most businesses focus on conducting research over their products & services nowadays using market research tools. However, to survive and thrive in this cut-throat competition, looking to the future has become imperative for every business.
Focusing on new product development plays a pivotal role in the long-term success of a brand. It not only helps to gain market share (by offering new opportunities) but also lets you uncover unexplored markets. Though the process can prove to be costly and time-consuming, it empowers businesses to gain insights into their target markets and develop effective products that customers love. By attracting new customers, it plays a key role in developing brand loyalty.
In today’s scenario, businesses need to be customer-centric for staying ahead of the competitors in the market. To ensure effective product development, it’s important to engage customers at the right touchpoints for collecting accurate and insightful feedback using survey software. Let’s take a look at how businesses can make the most of their product development process:
Discovering ideas and opportunities
The process of idea generation is extremely crucial as that’s where new ideas come from. While most businesses create a comprehensive list of ideas through their internal as well as external sources, some of them still do ignore this step. So, it’s important to get in touch with the internal teams & departments for brainstorming potential concepts and identifying new opportunities seamlessly. On the external level, focusing on competitor analysis and performing in-depth market research helps to solicit vital feedback from the customers.
The intention behind this research is to understand the needs and desires of customers, i.e. what they actually enjoy in your offerings, what do they miss, what do they want to change, etc. while making a purchase decision. That’s where conducting an effective customer insights survey can help!
Identifying the right features
Once you have successfully completed the idea generation phase, it’s time to perform consumer research for differentiating valuable product features from the less important or not-so-wanted ones. This empowers businesses to easily develop product concepts that are relevant and could be polished further in the entire development process.
By leveraging customer insights, it becomes easy to determine better product ideas at the time of concept testing. With MaxDiff Analysis, you can estimate the significance of specific product features on the basis of consumer rankings.
Testing the prices right
Do you know that even a small change in pricing can lead to a huge difference in customer preference as well as product profitability? As there are numerous factors responsible for affecting a product’s pricing like pricing strategies, pricing psychology, etc., it’s essential to test various potential prices for evaluating the right price that works well with the customers and resonates with your revenue objectives.
Conducting concept testing
The process of concept testing comes into place when a business has finalized the product ideas and features for next-level evaluation. With the help of online survey tools, effective concept testing can be done to gather actionable insights into the perception of the target market related to your potential products. This lets you adjust and rework the areas where there’s further development required.
By following the steps shared above, businesses can take advantage of customer insights for ensuring best-in-class product development.