It’s no secret that 95% of new products launched each year fail to make an impact. Regardless, the pressure to develop and launch a new product is something every company eventually faces. However, with massive investments in new product development and high failure rates, many brands now might forgo the NPD efforts –  especially during economic pressures. But uncertain times have proven to be the mother of innovation and now is the time to think about pushing out new products and tapping into changing consumer needs. But how to do so reliably and scalably? With remote behavioral research focusing on volumetrics and market share estimation!Â
Why this approach?
Nowadays, most automated research platforms on the market only allow researchers to pick category shoppers, at best. Driven by this, we ensured our solution is highly customizable and tailored to each study – by adding more granular subcategory criteria including usage frequency, understanding brand awareness and openness to purchasing the new product and even filtering the geolocation in some cases. With every added testing criteria, the potential risk of a new launch gets smaller.
With the remote research approach, we can conduct studies in over 40 countries across the globe via respondents’ mobile or desktop devices – enabling our clients to tap into any market.
How do we do it?
A unique mix of methods and contextual research is imperative in driving the success of any innovation. Given that our tests are conducted remotely and on respondents’ devices to enable the findings’ scalability, developing highly realistic yet virtual shopping environments was essential. When it comes to new product launches in stores, we are able to recreate any store or retail environment with high accuracy, allowing shoppers to buy products as they normally would. With eye tracking, we can also measure respondents’ eye gazes to understand what they are or are not looking at and if they are noticing the new product on the shelf.
The same goes for e-commerce – we can develop websites or webpage mock-ups such as Amazon, Target, Kroger and let respondents shop and explore as they do in real life while we collect data about their shopping behavior.
Having the ability and agility to put them in a context that feels familiar and authentic and do so remotely for any market is undoubtedly the key player in estimating the success of any new product launch strategy.
Ready to develop winning new products? Reach out to us!