Discovering the truth and reality behind your product using marketing insights.
Marketing Insights is a very important stage in the product design process. The feedback obtained from your potential target market is vital in order to produce a product that is tailored to them as they are the people ultimately purchasing your product.
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Before getting too far into an innovative product development process it is key that we obtain some initial marketing insights that will help steer and guide the direction for the project. As the target market will be ultimately purchasing the product it is key that we develop the product to suit their needs.
The marketing insights stage can be completed multiple times throughout the product development process if you would like to make sure you are developing a product to suit the target markets needs.
During this marketing insights stage we will approach users of the target market using an online survey service under an NDA. We will ask the users questions about the product, it’s potential features and the approximate pricing that they’d be happy to pay for the item. We will then collate the feedback and present a report with our findings and trends.
This document can then be used as a foundation for the next stages and can help with our key decisions throughout the product development process.
We can also approach potential retailers and industry specialists to gain feedback on your product idea to see if it’s a product that they would potentially stock in their stores and if they had any suggestions on what needs to be improved.
This stage depends on your project and your specific requirements and therefore all of these elements might not be necessary in your case. We also offer focus groups as an additional stage to the market research. You can read more here.
Marketing insights takes your idea and is presented in front of your potential target market to understand if there is a need for your product and will your market be willing to purchase the product.
If the marketing insights shows your potential customers aren’t interested in your product, don’t panic! This just means we will need to adapt your idea into a working product that suits their needs and what they’re looking for.
This enables key decisions to be taken which will determine the future direction of the project.
Generally the marketing insights stage should take two to four weeks to be done thoroughly. Cost depends on complexity but varies from around £1200 to £2500. One survey consisting of 15 – 20 questions, sent out to 200 respondents usually costs around £1200. If you would like more questions, more respondents and feedback from industry specialists then it will cost more towards the higher end of the price bracket.
Every project is completely different so these are estimate costs to give you some idea of how much this stage usually costs.
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Contact us today to discuss your project and to learn more about how we can help develop your project: Contact us.
If you would like to find out more about project viability and managing your risk click here.