“It is a capital mistake to theorize before one has data.” ~ Arthur Conan Doyle (Author, Sherlock Holmes)
So many things can go wrong during a new product launch. One of the biggest mistakes a company can make is neglecting to gather as much consumer and competitive intelligence as possible prior to a launch; or worse, not using the data they do collect to form a comprehensive business and marketing strategy. Hey, it happens — Top 25 Biggest Product Flops Of All Time.
Launching a new product will always have its up and downs, due to assumptions about consumer preferences, unanticipated competitive advantages, poor execution, or some combination that can ultimately lead to failure. But the more prepared you are, the more likely the launch of your product will go smoothly; providing you with the success you need to drive your business forward.
In Data We Trust
Over the years, companies have realized the value of market research programs to prepare for a successful product launch, but it was also common for them to be misused. The appropriate methodologies were not always practiced and the data gathered was sometimes flawed. Maybe you've been there, maybe you haven’t (maybe you were one of the lucky ones!). But often times, organizations trying to save money would attempt to perform their own market research programs, and without expertise failed to gather the proper data needed to determine the best answer to a question regarding their product. Quick survey questions, like “Would you choose this product over this one?” lacked the detailed information companies needed to make an informed decision regarding packaging, placement, or promotion of a product based on needs of the consumer. What led them to choose a 1 out of 5 in their likelihood to choose one product versus another?
But, when gathered correctly, consumer data from a customized market research program could be invaluable to an organization’s strategy and success during a new product launch.
Tailor-Made: Not Just For Your Suits
Tailored market research programs can provide actionable data to prepare for the successful launch of a new product. While a customer intercept program may work wonders in one particular situation, this type of market research program may not work for another company’s strategy. Additionally, there will never be one market research measurement to solve all our problems. Perhaps your approach will need to be more comprehensive. Perhaps it will involve multiple methods for gathering data.
Are you ready to launch a new product or are you simply looking for new ways to gather consumer data to make better business decisions? Find out how TrendSource can help you choose the right market research program to fit your needs.
