New Product Development
“As many as nine out of ten new product launches fail, mainly due to lack of a ‘stage gate process,’ which ensures the product is likely to succeed before it is launched. With product development research, you can increase your chances of success exponentially – whether your product is physical or conceptual.”
IDEA EVALUATION
Market research can play a role in determining the need for most new products. Dimensional analysis is done to understand all physical characteristics. Illuminate & evaluate the concept by identifying market evolution to capitalize on anticipated consumer needs.
FUTURE MOMENTUM
Market research around product development indicates to customers not only that a company is listening to the market’s needs, but seeking to respond to these needs and to improve its offering. Understanding the future trends in the market and gauging whether your product would be viable expands the scope of the conceived product.
CONCEPT TESTING
What are the elements of the product? Styling, Dynamic & Peer group clinics help identify how the concept would fare in the market. Verace provides an assessment of the size of the market, its growth prospects, the distribution routes, the market segments, and factors influencing the purchasing decision.
PRODUCT TESTING
Ultimately it’s what perceived value the consumer derives with the product that determines its success. Market research can be used here for exploring optimum price points, for determining market share and market size, and for gauging attitudes towards the consumption of the product. The research can uncover potential product development opportunities.
Your goal is to develop your product or idea so that it is distinctive and will stand out in the market for the right reasons. It should be something that is substantially better (and ideally, unique) from what else is available. It should surprise, impress or delight consumers so they pay attention. It should make people’s lives better for having access to it.
Get the right insights to launch your product/service
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Verace is a market research agency headquartered in Bangalore. It was established in 2007 with a clear idea to deliver superior consumer insights which will be effectively used to garner extra market share and also improve the market position.