Market Research for New Product Development: Complete Guide

Anna Raventós

What is new product development?

Product development is about creating and improving products by implementing new ideas, technologies, and processes to meet market needs and enhance the consumer experience. This process is carried out in different stages, including research, design, prototyping, testing and launch.

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New product development aims to create unique, innovative, cost-effective, and attractive items for the target market. To do this, it’s important to conduct market research for new product development to gain insights into the preferences and needs of your consumers. Read on to find out where to start!

Product development is the process of researching, designing, creating, and launching a new or improved product. This process may include different stages, such as identifying market opportunities, generating ideas for new products, evaluating technical and economic feasibility, designing and prototyping, testing, and marketing and communicating the final product.

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Why should your brand take product development?

For successful new product design and development, you need to listen to the voice of the consumer, so you need to conduct research. To do this, you have specific research tools for each of the phases of new product development, such as the idea screening test. This process allows you to evaluate new product ideas and select the ones that meet the expectations of your target audience, ensuring that your marketing objectives are met.

With the idea screening test, you can know the potential of a product or service and its possible optimizations before launching it. Its benefits include: identifying the ideas most likely to succeed, confirming that they meet a need, determining whether they are considered different and relevant to what already exists, verifying or defining the core target, and validating that they fit with your brand and its values.

After the idea screening test, you can conduct a concept test to find out the degree of acceptance of the winning idea already developed among the target audience. In this way, you will be able to adapt the product to the consumer’s preferences, thus allowing you to define a successful launch and minimize risks.

After the concept test, you have other tests to optimize the different product features based on consumer preferences, such as the naming test, the claims test, the packaging test, and the price test. You can also perform a Conjoint Analysis to identify the features most valued by consumers, determining which combination is likely to be the most popular with buyers. This type of study is effective for both new launches and existing products.

Concept Testing Template

What is the role of market research in product development

Listening to the consumer’s voice at every stage of the new product development process is essential for you to create relevant offerings tailored to the preferences of your target audience.

Market research allows you to gain insights into consumer needs and preferences and gives you a competitive advantage by giving you access to the drivers and barriers that condition the purchase of a product. Give voice to the consumer and ensure the success of your new launch!

How to develop new customer-based products?

You must include research in the development process to develop new customer-centric products that will allow you to understand consumer preferences and tailor the product to your target. This way, you can create products that generate revenue and improve your market share.

Through idea testing, you can validate your new ideas and discover which of them best fits consumer preferences. With the Zinklar platform, you also have templates with which to design the study you need to ensure a successful product launch. Don’t wait any longer, and surprise your consumer!

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