Launching a new product is a heavy, ominous lift for an organization to undertake. It requires incredible planning, timing, work, investment, and even faith when the payoff is uncertain. Even the most successful, world-renowned conglomerates in any industry can have products that flop. This makes upfront market research a necessity for your company to be successful. Concept testing helps to reduce the risk of launches by spotting problems early. As businesses and organizations look to launch a product or invest in the development of an idea, concept testing is a valuable step to identify perceptions, wants, and needs associated with a product or service.
Instead of betting on what you think the market wants, bet on what they tell you they want so you can prioritize accordingly without the risk. Concept testing helps you reshape and refine ideas so they have greater potential for market acceptance and is the closest thing to an insurance policy on future events as you can get. By providing insight for designing a more optimal product or service, concept tests also help you prioritize and increase product shifts and improvements based on consumer feedback. Concept tests have the ability to improve your product, shift your priorities, and increase your product-market match.