New Product Development

What is New Product Development Research?

New product development research is a phrase that references the steps companies go through to take a novel good or service from one vague, theoretical idea to something tangible that they can offer on the open market. Sometimes referenced with the shortened acronym ‘NPD’, this process generally has steps where companies evaluate where their current offerings show a gap for existing customers and/or how they can better serve specific markets in the future.

Purpose of Product Development Research

Using various discovery methods such as focus groups and surveys, ideas are screened and polished (and re-polished) until concepts are both technically feasible for production groups and message-refined to please advertising departments. The idea is to avoid missteps as the new product launches and makes its first impression to the shopper. With due diligence, the final presentation is a quality product that's appealing to the customer and features a strategic price-point while boasting a tactical brand message. When development stages are well-executed with cleverness and confidence, the end result often ensures enhanced market share and profitability for the business.

• Idea Generation
• Idea Screening
• Concept Testing and Development
• Business Analysis
• Market Testing
• Implementation
• Commercialization
• New Product Pricing

New Product Research and Persuadable Research

Product launches can catapult businesses to a higher level of profits if performed successfully. Conversely, the same efforts can simultaneously overwhelm business teams while they underwhelm customers if they aren’t carried out well. Our Research Project Managers have experience in creating, outlining and following through with plans that meet objectives, dazzle target markets and stay within budget constraints.

Often, today’s product challenges are unique from the obstacles that existed only a few months ago in the same categories. Doing some customized-to-your-business homework for your latest inspiration is frequently more economical than you might expect. Call a Persuadable expert today for a quick chat and see if we can help you ensure the future prosperity of your next Big Idea.