Launch with a head start
Research has a very important part to play in the planning and development of new products for the construction and home improvement markets. Ahead of the launching a new product, it is essential to undertake market research in order to avoid unnecessary risk and cost, and to help form the sales and marketing strategy.
Concept testing can help you reshape and refine ideas so they have greater potential for market acceptance by providing essential insight. This can be used to design an optimal product or service or accelerate product improvement programmes to ensure you launch the right product for the right market.
Testing your messaging and marketing materials, especially among other offerings on the market, can help you develop and optimise effective positioning and market messaging. And MRA’s investigation of potential consumers’ reactions to proposed products or services before introducing them to market has been fundamental in us being able launching new products and businesses in to the market and have them achieve leading market status within four years.
We can provide the insight you need throughout the entire development cycle – from idea generation to concept testing, prototype testing and post-launch evaluation. Research around the size of the addressable market, the competitive landscape and product pricing are best done at an early stage in the process, since this insight is essential for creating plans and sales forecasts. In addition, any regulatory issues and product requirements must be identified before development starts. To review any predicted developments expected in the market going forward is also recommended.
Sometimes important decisions need to be made during the development process, or there is a need to ensure the project is going in the right direction, and a survey could help gain important insight. You may also wish to investigate available distribution channels in order to find the optimal route to market for your new product.
Research methods include desk research, through which we can obtain economic and construction industry performance figures and forecasts, as well as competitor information, details on regulations and relevant performance standards, as well as indications of product trends. Qualitative market research in the form of in-depth interviews via telephone – targeting specifiers or industry experts, for example – can also be useful.
Another option is to survey potential customers, such as end-users or installers, to find out the expectations of the market on any topic, from product specifics, pricing and delivery lead times to which communication channels they use. Discussing or testing of a prototype and product features in a focus group may also be a good idea. Find out more by contacting us.