WHAT SEPARATES NEW PRODUCT SUCCESSES FROM NEW PRODUCT FAILURES?

Research study after research study prove that there are a number of factors that are positively correlated with the development of successful new products.  New product success is closely linked to the activities that are carried out in the new product process, how well they are executed, and the completeness of the process.

There are three success factors that are significantly related to new product success.  The strongest success factors, measured in terms of numbers of correlations and strength of correlation, are:

1. Product Advantage

The product must offer unique features for the customer; be higher quality; reduce customers’ costs; be innovative; be superior to competing products in the eyes of the customer; and must solve a problem faced by the customer.

2. Pre-development activities

A set of activities must occur before actual product development starts. These critical "upfront" activities include:

• needs assessment (consumer wants, needs, and preferences)
• initial screening
• preliminary market assessment (an early and relatively simple, non-scientific market appraisal, checking out the market validity of the proposed product)
• detailed market study to determine market size; competitive situations; and customer reaction to the proposed product or product concept)

3. Product definition

There must be a clear definition, prior to the product development stage, of the target market; consumers needs, wants, and preferences; the product concept; and product specifications and requirements.

LOW RISK WAY TO FIND OUT HOW VALUABLE A RESEARCH TOOL ONLINE SURVEYS CAN BE

One of the research methodologies that I use most often is the Internet click-through survey. The name "click-through survey" is not jazzy or clever but it is a good description of how the survey is taken. One question is displayed on the test participant's computer screen at a time. After they answer the question, they click on the "submit" arrow below the question and are taken to the next question.

I typically use the Internet click-through methodology for product concept testing, brand awareness studies, habits and practices surveys, packaging tests, and purchase interest and purchase likelihood studies.

There is no better way to really understand how valuable the insight obtained from an online
survey can be than to actually do an online survey.  That's why I am offering a special introductory package: I will conduct an online click through survey (with four closed-ended questions, two open-ended questions, or two closed-ended and one open-ended question) with my proprietary panel of HomeTrend Influentials on the topic of your choice for only $500.  You save $1,500!  (The regular price for an online survey of this length would be $2,000 or more, depending on the questions.)

What product development or marketing questions are you grappling with?  Why not take advantage of my special introductory package to get answers to those questions? You'll have the opportunity to "test drive" the online survey methodology and get answers ... all for only $500! 

Click here if you are interested in talking to me about this special introductory offer. Upon  receipt of your e-mail, I will call you to schedule some time to talk.

RE YOU LOSING SLEEP OVER A NEW PRODUCT YOU ARE GETTING READY TO INTRODUCE?

Are you on the brink of bringing an innovative new product to market?  Are you getting an ulcer because of all the risks associated with bringing that innovative new product to market?  Do you wish you had a way to find out if the package is going to make people want to buy the product?  Do you wish you could make sure your instruction manual is clearly written, user-friendly, and has all the information the owner will need?  Do you wish you could run your catalog or advertising copy by consumers to see if it makes them want to buy?  

 If your answer to these questions is "yes", you'll want to consider participating in the HIP Rewards Program.  

The HIP Rewards Program is the way I "pay" the 100 members of my proprietary HomeTrend Influentials Panel (HIP) for participating in research studies.  They don't get paid money for participating in surveys.  Instead, the HIPsters earn points - called HIP Dollars - for each research study in which they participate.  For example, they earn 5 HIP dollars when they take an online single-topic quickie survey and they earn 25 HIP dollars when they take longer, more comprehensive online surveys.  The HIPsters can redeem their accrued HIP dollars for items in the HIP Rewards Catalog.

In order to keep the HIPsters motivated and excited about participating in research studies, the HIP Rewards Catalog has to have cool new housewares and home goods products.  Even cooler is when the HIPsters can get products that are so new, they aren't even out on the market yet! 

Here is how the HIP Rewards Program works:  Your new product is featured in an upcoming issue of the HIP Rewards Catalog (using photos and copy that you provide).  Any HIPster who wants to "spend" their accrued HIP Dollars for your product places their order with me and I, in turn, send the order to you.  You arrange to have the item shipped to the HIPster.  After the HIPster has had the product for a couple of weeks, I send them a questionnaire (which you and I develop collaboratively so that you get answers to your questions) about what they think of the packaging, the instruction book, and the product.  After I have gotten all the questionnaires back, I send you a summary of findings. 

You'll get an early read on how well your product is going to sell.  You'll find out if your catalog copy and package design make people want to buy the product.  You'll find out if your instruction manual is clearly written, user-friendly, and has all the information the owner will need.  You'll find out what consumers think of your product after they have had a chance to actually use it for a couple of weeks.  You'll get an early warning if there are any problems with how the product is made or how it works.   You'll find out if your product is "buzz worthy", that is, if the people who buy your product like it so much that they'll rave about it to friends and family.  And, best of all, the only cost to you is the cost of the samples and shipping.  

Click here if you want to talk to me about the HIP Rewards Program.  We'll schedule some time to talk about how the HIP Rewards Program can answer your pressing questions about your new product.