You can set up a simple and quick survey if you want high-level feedback, or you can delve deeper to understand more detail.Ĭoncept testing is also a great money-saving technique as it prevents launching a faulty concept. Concept testing can be a cost-effective and flexible solution Why is this an essential tool for product managers and senior executives? 1. An essential tool for product managers and executives When a team is confident, there is more support and willingness to go the extra mile for you. If your plan for a product or service requires a lot of input from senior leaders or colleagues, providing them with a ‘first look’ at evidence can speed up the process and show the potential of the work they’ll be helping with. It helps you gain support for the concept at an early stage Concept testing provides the granularity and depth researchers, managers and leaders need to make the right choices.Ģ. Mistakes and do-overs are costly, so it’s important to utilize research and insights from your audience(s) to make the right decisions. Leaders have actionable insights to make the right decisions “Poor test-and-learn execution has been known to hobble a company’s fortunes for years to come.”īased on its uses in the market, there are two main benefits of concept testing:ġ. Special Event: The 3 steps of product concept testing What are the benefits of concept testing? Likewise, a disappointing loss can hurt internal staff morale, investor relationships, and future business ventures. At a product launch, your brand’s perceived value and the strength of your offering are directly linked to your profit and loss. It’s also a way to show good Experience Management. It’s an open learning process that goes both ways – you can continue to engage with the same target audience to get their take on your product developments as they happen. You get their direct feedback on what they want, which might shed light on your blind spots. It’s based on listening to the audience’s views and exploring how viable the concept is for them – without bias. It is one-way and ends when the company gets the answers they want.Ĭoncept testing is different. Traditional market research requires audiences to choose from a company’s predefined criteria to provide their feedback. It’s also different from brand testing, advertising, or marketing campaigns – these promote the product or service when it’s near-complete or fully developed.įor more information on concept testing methods and making an effective concept testing survey, read our eBook: Introduction to Product Concept Testing How concept testing fits into market research In this way, your target audience might vary as the product idea develops. Instead, it tests the basic idea that comes out of the ideation phase – whether it is fully formed or not.
You explore the viability of a product or service with its target audience early on and improve its development from the feedback.įree eBook: Introduction to product concept testing What concept testing is notĬoncept testing is not a replacement for the ideation phase of a development cycle. Product concept testing is an early market research method that maximizes the odds of you launching a product or service that people want to buy. By doing the right product research, you’re checking that your assumptions about your customer are correct. Under this pressure, you want to make sure your product connects with your customer before it goes to market. Preparing is the biggest problem when launching new products, according to a Harvard Business School report.More than 25% of total revenue and profits come from launching new successful products across industries, according to a McKinsey research survey.
Only 55% of all product launches take place on schedule, and 45% of product launches are delayed by at least one month, according to a 2019 product manager survey from Gartner.You’re already facing several statistics that paint a grim picture of the reality of product launches: It’s a tough job to manage the launch of your company’s products and services.
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