Launching a new product is always a risky venture. There is the threat of aggressive competition, fear of product failure and the unpredictable buyer. Market Research is often critical in minimising losses and creating optimal chances of success. It gives one vital information that is then used to create the best market conditions.
Testing ideas: The truth is that most new products do not work. What you think is exciting may never motivate your market. New product research services start with testing the very idea and then the prototype of the product. Respondents are given the outline of the product, its purpose, design and idea. Favourable response shows whether people are ready for the product and willing to pay for it.
Evaluating customer behaviour: When product testing, market research does not rely on mere questionnaires. Instead, researchers test its actual usage with a focus group. User behaviour is studied while they are actually using the product. This can help in exposing flaws, while showing us honest user response. Do they find it easy to use? Is the packaging attractive? What is their initial reaction to the product?
Refining product communication: Product communication tools including brochures, manuals, websites and ad copies are an important part of new product research services. Research focuses on how effective these are. Are the instructions easy to understand and follow? Does the manual address all issues related to the product? Is the website design comprehensive with an easy flow? Does the ad copy generate interest in the product?
Identifying modifications: Usually new products fail for some very minor reasons, usually the slight absence of a feature or a simple modification. Modifications are often required to improve user experience or to counter the existing competition. New market research services are often the only means of identifying such requirements.