New products may be the lifeblood of your organization therefore it is important for you to keep your portfolio fresh with new product research. The Stamford Marketing Group can help increase your chances of new product success by providing you with insights that lead to winning new products. We take the time to understand your new product challenges and then customize the best research approach to address your specific objectives.
Concept Testing – Our concept testing services allow you to quickly test your new product ideas to help you get the right products to market. Through over 40 years of concept testing we have developed a series of techniques that can help you understand the key elements of your new product idea that drive purchase interest and are most important to the buyer. These techniques can also help you understand how the new product might impact your brand and other existing products and services.
Product Features – We have developed a series of research techniques that can help you identify the product features and benefits that are the most appealing to your potential customers. These techniques highlight the relative importance of each key feature and benefit of your new product. This can be helpful in finalizing product design and in decisions related to promoting the product.
Product Testing – Our product testing services allow you to measure how effectively your new product delivers on its promises. We have developed a series of proven techniques that enable you to clearly see how well product prototypes fit with concept expectations. If you have developed different versions of a new product, these techniques can help you determine which product formulation is the best. They can also demonstrate how well the new product stands up to the competition.
Pricing – One of the key elements of the marketing mix related to your new product is pricing. An effective pricing strategy can greatly impact overall product success. We have developed a series of research techniques that can provide you with a clear view of customer price expectations as well as the customer’s likely reactions to alternative pricing. These techniques also provide insight into how alternative pricing compares to current competitive pricing.
Forecasting Demand – We can help you test the potential of your new product in the actual marketplace. Marketplace testing is the best way to estimate market potential and reduce risk before you do a full product launch. The techniques we have developed over many years can help you set performance goals and evaluate whether a new product merits a large investment.