New Product Research

Aristocrat Market Research is here to help you with your New Product Research “When (Your) Decisions Matter”!

We believe new products to be one of the most important applications of marketing research, but one of the most difficult to execute in practice. New products can be concept-driven or product-driven. The implicit model that underlies the following paragraphs is concept-driven (i.e., concept followed by product), but keep in mind that you can also start with a product and work “backward” to build a concept and positioning. New product development must have focal points to have any chance of success. Focal points include definition of the target market, determination of the product category, and/or definition of the problem to solve or opportunity to exploit. These focal points are largely managerial judgments. Once some of the basic focal points are identified, then Decision Analyst can help make the effort successful.

Six Secrets to Conducting New Product Market Research

The failure of your product launch is not an option. It is one of the things that can easily put you out of business. As a result, new product market research is one of the most important prelaunch activities that a business owner can engage in. It is also one of the areas that can often be neglected.

Most business owners think they know their clients and the products that they want to buy. However, speculation and cold facts are two different things. Let us look at what exactly is involved in conducting this research.

Defining Your Target

          The first step should always be to identify what customers you want to target. It only makes sense to start with your best ones. Rank your clientele by sales and then start with the top 60 percent or so. Then add in other customers who might be more reliable or who have purchased from you for a long time.

 Target Demographics

This step goes hand in hand with defining your target. Your product launch market research should be based on a specific set of demographics. Of course, these could be based on gender, age, education, household income, and marital status – any number of things. While this information can be difficult to get, something as simple as a zip code can give you a good idea about someone’s income or even education

Engaging Your Target

This can be conducted in a number of different ways:

The best method to use really depends on whom it is that you are trying to reach. For instance, if you are targeting lawyers, doctors or other senior level staff, try using a personalized letter. This audience can be notoriously difficult to reach and any extra effort will go a long way with them.

Developing Your Questions

It is critical to carefully develop the questions you will ask your audience during your product launch market research. Avoid leading questions; you want your target to be as truthful as possible about how they really feel. In addition, state things as simply as you can

Consider a Focus Group

While the idea of using a focus group might sound like an expensive prospect, if you think a little outside of the box you can still achieve great results. A focus group can be a very useful tool because they provide you with a first-hand view of how people react to your product.

Examining the Results

Once you have either distributed your surveys or conducted interviews, it is time to examine the results of your new product market research. I hope that you have received data from enough people that you will begin to notice patterns.

Typical new product development process:

  1. Market understanding
  2. Idea generation
  3. Idea screening
  4. Concept development
  5. Business analysis
  6. Product development and marketing mix
  7. Market testing
  8. Commercialisation
  9. Product life management

Issues we address:

  • How many of the new product can you expect to sell in the first year?
  • What product features are most desirable?
  • Which features will increase sales the most?
  • What price will maximize profits?
  • What should the new product look like?
  • Who will be the primary purchaser of this product, i.e. target segment?
  • Who will be the secondary segment?
  • Why will they buy?
  • How does your brand affect sales?

You have a product idea, prototype or maybe an established product in a certain region and you need to decide whether and how to bring that product to market, or to a new market. You want solid information for your decision-making.

Aristocrat Market Research has the expertise and experience to design and administer a new product research survey in a way that gets you the information you need and does so efficiently, making the research affordable. Aristocrat Market Research will not stop at helping you put together the right survey, we will help you plan your research and focus your objectives so that you get the most out of the work done.

You may want to minimize the risk associated with bringing a new idea or product to market or you may need solid data to show investors the merit of your new idea or product. In either case, we can help you get the job done right. Aristocrat Market Research has the experience to share with you that can help you on your journey. Often a survey isn’t even the right tool for you and we will recognize that and let you know. Our experts will lead you through all the scenarios, costs and desired data to make sure we are a fit and you have the best chance for a successful project.

Aristocrat Market Research is here to help you with your New Product Research “When (Your) Decisions Matter”!

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