According to McKinsey, 25% of revenue and profits are directly attributed to new products. When you test your concept on your website, social media, and other digital marketing materials early in the development process it increases the odds that your product launch will succeed. Engage with your customers to help you research and test campaigns promoting your new product. Additional benefits to concept testing are:
?Earn customer trust & loyalty
Customers like to feel heard. Ask about specific features, designs, prices, and other aspects of the product you are unsure about. Form polls or surveys on social media or in an email campaign to discover what customers are expecting from the current design. Highlight the flaws, post corrections, and keep your audience up to date about how close you are to launching. This will create hype and make the audience feel they created this product as well. You will be viewed as a helpful partner instead of a faceless company.
? Gain confidence in new products
Speed up the green-lighting process and show the potential of the work your company will be undertaking by providing senior leaders or colleagues with direct access to the evidence you gathered from your customers and audience. They will be more likely to give you their full support when they are confident that their potential target audience is excited and engaging with a potential new product.
⏱️ Save time & money
Concept testing creates a specific context for the decisions researchers, managers, and leaders have to make. They no longer have to do guesswork or use outdated data which leads to disastrous mistakes that hurt the brand and cost a ton of money in manufacturing and PR to correct. They have directly heard from your client based on what they will or will not spend money on. The company’s budget can go directly into the product without haven’t to set aside a huge chunk for scandals.
Ready to market your concept test? Call 248.528.3600.