Delivering incredible products to your customers requires plenty of research to determine exactly what features they want to see and, how much they’re willing to pay for it. With the right product testing program, you can remove the guesswork when it comes to your product launches
All successful products are designed around one thing – customers. It sounds obvious, but there are plenty of famous tales of big brands whose product launches failed because they didn’t understand what their customers wanted.
It’s never been easier to add the customer’s voice into the product development process either.
Use our guides to find out how to use consumer feedback to drive your product development and help you make sure your next launch is a success.
Understanding your buyers
No product could be a success without customers. So before you start concepting, you need to get to know your potential buyers inside out.
A set of buyer personas is a great place to start – they’re not just useful for your product development team either, but also your marketing, customer experience and communications teams who’ll be talking to customers day in day out.
From concept testing, to identifying the features that make your target customers want to buy, there are plenty of steps to take before you get to a finished product in the market.
With any product design, there are always trade-offs too – very few products pack every conceivable feature in and still manage to do it with a price point that makes it sell. The right produce testing program will help identify those ‘must have’ features that will make it a success, as well as some you could lose without impacting consumer appetite.
You might have the right product, with a combination of features you know customers are going to love. But how do you know how much they’re willing to pay?
Price it too high and it may be out of reach for your target market. Price it too low and you could be damaging your brand or giving the perception that’s it’s a ‘budget’ product.
Pricing research helps you identify the ideal pricing for a product or package of products. With conjoint analysis, you can drill down to test different combinations of products and features to develop a pricing structure that drives the highest value back to the organisation.