Pre-Test the Waters Before Jumping in the Deep End - More Options for 2020
How Many** Consumers Have You Heard From About Your New Product Idea?
Make time to take a look at your new product idea/concept/prototype from consumers’ points of view. [Notice I didn’t say: “…from the consumer’s point of view”. See the difference?] While “consumer” and “need” are written in the singular, you’d better be aware you need consumers to rally toward your product to address some unmet needs. That means hearing from consumers in multitudes.
Ask yourself: “How many consumers have I heard from about my new product idea?”
And once you have their attention, don’t waste it! Make it a customized research exercise that focuses on YOUR product in a fresh, original manner. Learn relevant facts and characteristics about: 1) Consumers at large to analyze and examine many potential targets 2) Your product idea/concept (services are OK too) 3) Goodness of fit or match between 1) and 2)
Don't fail to hear from them via structured quantitative and open-ended qualitative queries, each working in close relation to the other. Make it a customized research exercise that focuses on YOUR product in a fresh, original manner. This makes it valuable proprietary research with real strategic significance. (Separately and earlier you should have done beneficial secondary research as background learning.) This kind of stable, analytically potent (i.e., N~1,000 - but smaller samples** are NOW AVAILABLE in 2020) primary research deals head-on with your market risks and any uncertainties that can stymie decisive action. The findings, and the conclusions they support, enable you to settle debates, resolve prior differences. You can then confidently take next steps toward a solid - maybe even awesome - marketing strategy.
With well-done marketing research you can expect the results and your next actions to withstand the test of time. Finalize your budgets and time horizons in a confident, sure-footed manner as you bring your best product to market - at the right time, in the right way.
**This advance permits more judicious selection of the optimal project design and specs, for smart trade-offs and to save $$$! In 2020 many sample sizes and specs can be arranged to balance benefits & costs to suit YOUR needs.