Many of us must come across a product that was heavily advertised but didn't end up making it to the market. Perhaps it didn't perform well in the market or customers didn't resonate with the product. There are a few reasons for a new product failure. For example, Coca Cola launched New Coke in 1985, which is considered one of the major missteps in marketing strategy. Coca Cola dropped the product a few weeks later and reverted to its old formula.

Concept Propositionor Value Proposition usually helps businesses with market research analysis, where they check the performance of a new product or idea before it is launched in the market and how it can be improved. Usually, consultant firms highlight problems in which they consult their ideas to understand the engagement of the product or service.

Benefits of Concept Proposition Testing

It is clear to say that even the most innovative companies have failed to accurately predict the impact of new product launches and hit the target market. Even Google was not able to foresee the impact of Googe Lens, which failed to connect with the customers with their sky-high prices.

Fortunately, there is a way one may avoid such failures, that is, with Concept Proposition Testing. If the product or service is a new set of ideas that no one has ever seen before, how does one know if it will ever sell in the market? Testing methods may range from online surveys, face-to-face interviews, or focus groups with deep reviews to gain qualitative insights.

Concept testing may help you determine if the product will be a hit or a miss because the success is mainly based on the voice of customers. So, it is important to understand how the product or service is beneficial to the customer. Testing helps filter out the ideas to develop them further. This way, mistakes and bad decision-making can be avoided before the launch of the product. Good concept testing means getting to know your target audience and how interested they are in your ideas or product. By keeping your customers at the centre, you can develop products and services that can outperform the competition.

Ultimately, concept testing gives you clarity on the product or service from the consumer's reactions. It comes as no surprise when this type of market research can have a huge impact on any business, thus enabling businesses to focus their efforts on the development of the product or service towards the customer's preference.

Conclusion

Any development of a product or service never needs to be a risk. Krysalis provides extensive market research analysis on the ideas that you may have. Their business strategy and consulting ideas have helped many organizations. Book now with Krysalis to get a consultation appointment.