“New” is one of the strongest words in marketing. “New” invokes the belief that something is moving forward, that it is different, modern or improved. People are attracted to new products like a magnet. Introducing new products on a constant basis is the best way to get attention and is invaluable publicity for a business. “New” positions a company as being dynamic and forward looking. Companies such as 3M and Sony have held this slot for periods of time but it is difficult to stay there. Innovation is hard work and the road is paved with failures.
Marketing research plays a crucial role in making the best decisions throughout the product development process. The understanding of the consumer wants and needs and of how your new product could fill those needs in a meaningful way is at the heart of any product development program.
Since the beginning, Genius Research has guided clients throughout product development in different industries such as FMCG, CPG, Electronics, sports products, software, financial services, pharmaceutical and retail. We are well-recognized for our ability to develop creative solutions to business challenges. Typical new product development process:
In this ever-changing competitive world, no business survives without product development. No sooner you release a new / improved product / service in the market, faster the competitors are ready and waiting to copy and improve it for their own purposes..
Product development does not have to be revolutionary. In fact, most products evolve continuously over time; product development must be taken as a continuous process, not an occasional event..
Whether you are seeking to make your existing offering evolve, or are looking for a completely new offering to appeal to the market, the views of your customers and potential customers are crucial. GRS opines that the key to successful product development research lies in exploring what the market values. Our job as researchers, marketers and product developers is to convert these issues into a package of benefits that appeals to the market.It is worth highlighting that product development research is not just about the product per se. As we imply above, we must consider the whole package of benefits that will appeal to the market. This package will include product, but also the pricing strategy, the packaging, the associated services, and the promotional messages..