New Product & Service Design

New Product Development is the lifeblood of every company. The overall process is risky and expensive and good marketing research is crucial to the identification, testing, and forecasting of successful new market entries. As we all know, too many new products fail and the reasons for those failures have been studied extensively.

Among the reasons often cited is the poor application of marketing research during the new product development process. Our point of view is that conventional marketing research thinking will doom a new product, and that only innovative thinking, coupled with a deep understanding of the marketing issues and the consumer decision process, will stack the odds in favor of success.

In this regard, in4mation insights has developed new methods and tools to take the standard beyond the conventional and into the 21st century.

Advances in Understanding Consumer

For years, models of consumer decision-making and demand have had an illustrious and treasured place in the toolbox of market researchers. These models have been used in several ways, among them designing and pricing new products and services; forecasting future sales and revenues; and, measuring consumer sensitivity to marketing tactics.

The tool that is held in the highest esteem and that has been used the most in marketing research for these kinds of issues is Conjoint Analysis. From its roots in psychology and transportation modeling, Conjoint Analysis and its most popular advancement, Choice-Based Conjoint Analysis (CBC or CBCA), have been used for over thirty years by marketing researchers to understand consumer behavior.

In the past several years, significant advancements have been made in modeling consumer decisions that have expanded the tools available to practicing researchers. These advancements have permitted the proper investigation of decision-making in contexts not covered by the standard tools offered in readily available commercial software. Our team continues to study these new methods and we have applied them extensively in our consulting work.

Click here for further discussion of these tools.

Advances in Measuring Consumer Reactions in Sensory Science

For foods, beverages, fragrances, and personal care products, what the product should taste like, smell like, feel like, and look like are key drivers of consumer acceptance. Much of the testing in sensory science seeks to measure and quantify consumer response to these behavioral reactions. in4mation insights has developed new tools to understand these reactions among consumers.

In addition, however, there is a growing notion in the sensory community that:

  • We need to measure the consumers' reactions in a more holistic way, not just isolating one sense at a time; and
  • We need to incorporate more unobtrusive measures of consumers' physical reactions to prototype products, rather than just relying on rational paper-and-pencil measures.

Click here for further discussion of these tools.