Should We Launch? (Concept Testing)
It’s difficult to succeed in the new product arena. Depending on your source, fewer than 1 in 20 new products succeed. There are a number of reasons why, but probably the biggest one, in the consumer arena, is that over 85% of consumer spending is on the same 150 items, over and over. That leaves only 15% of their spending to try something new–like your new product.*
You could do focus groups to help you understand if a concept has legs. These cost well over $20k to do correctly, and you are limited to a qualitative exploration of the idea–you don’t get concrete numbers on the market potential. You could also do a standard concept test which would get you good solid numbers on what consumers think they would do with your product. The least expensive of these types of tests will cost you well over $40k, and if you go with the gold standard–such as BASES–you are talking well over $200k. And while you will get some good accurate results on consumer intentions, the downside is that stated intentions and real actions don’t correlate well.
You might be an entrepeneur that needs to know whether your product will fly, or a Fortune 500 company that needs to screen and improve concepts before going to cost intensive methods such as BASES. Either way, you should find Should We Launch a great method for you.
Should We Launch puts your concept in front of the right consumers where they tell you what they think–both quantitatively and qualitatively. Then, to make it all more applicable to the real world, consumers show you what they would do, as they react to a real world decision to purchase the product. You get the best of both worlds–quantitative screening and qualitative feedback. And you get what consumers think as well as how they would really act.
A standard Should We Launch survey costs just $5,000. (You may need to customize it somewhat which may increase the costs somewhat. Even with customization though, the price will stay well below traditional methods.)
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*Source: “Why Most Product Launches Fail” – Joan Schneider and Julie Hall, Harvard Business Review, May 2011
