Concept Testing & Product Optimization
Concept testing and product optimization is about evaluating product/service ideas in different stages of their development. It is also used to understand how to reposition and optimize existing products/services. The ultimate goal of Concept Testing and Product Optimization is to allow companies to make informed “go” or “not go” decisions and thus save capital, time and effort.
Benefits
- PROVIDE evidence of product/service viability by taking into account competing and substitute alternatives as well as target customers’ acceptance of new products/services
- EVALUATE competitive advantage and likely threats from competing products/services
- SINGLE out which product ideas have the highest revenue potential
- IDENTIFY what improvements need to be made before product/ service launch or re-launch
- REDUCE cost in product formulation and operation processes
- PINPOINT the benefits and attributes that are most important to target customers
- GENERATE communication messages designed to change perceptions about your products/services among current and prospective customers
How Do We Do it?
We combine qualitative and quantitative methods when testing early product ideas, full-blown concepts of products/services, or add-on features to existing product/services.
Qualitative
Qualitative methods can be used to explore perceptions, generate ideas and give directions for fine-tuning product concepts. Among the methods we use are:
- Focus Groups (online and offline
- One-on-One interviews (online and offline)
- Creative exercises as part of ethnographic research, diaries, bulletin boards, etc.
Quantitative
Quantitative data collection and analysis techniques are used to assess viability, key benefits, message points, and ultimately identify a winning product/service idea. Some of the methods we use are:
- Monadic Concept Testing
- Sequential Concept Testing
- Maximum Difference Scale (MaxDiff)
- Conjoint Analysis
- TURF Analysis