Successful new products are generally more than the result of someone’s “gut feel”. While “lucky accidents” happen, companies that consistently win at the new products game go about it in a very disciplined manner, using their own PRIMARY research to:
· Understand high priority needs;
· Measure an idea versus other ideas they have considered.
In the 3 decades Core Strategies has been involved with new products, here are the 5 factors we have found to correlate with success:
1. Simple measures – There are only 4 consistently predictive measurements
a. Understandability
b. Differentiation
c. Purchase enthusiasm
d. Purchase interest in a price range
2. Benchmark – We routinely keep track of results and create benchmarks.
· Understand high priority needs;
· Measure an idea versus other ideas they have considered.
In the 3 decades Core Strategies has been involved with new products, here are the 5 factors we have found to correlate with success:
1. Simple measures – There are only 4 consistently predictive measurements
a. Understandability
b. Differentiation
c. Purchase enthusiasm
d. Purchase interest in a price range
2. Benchmark – We routinely keep track of results and create benchmarks.
3. Control who you test with
a. Who is relevant to test among? Always test with them.
b. Keep track of any changes in your target definitions.
4. Test simple concepts
a. The simpler the concept, the truer the read.
b. Details are opportunities for consumer misunderstanding.
c. Pictures and videos are great. But be consistent.
5. Use both “average” and “polar” reactions
a. Track both the median or mean “score” on whatever scale you use.
b. But top and bottom scores reveal real “enthusiasm” and “aversion”
c. Use and track both measures
