For a new product to garner the right attention, it needs to be thoroughly reviewed by your ideal target market or those who will actually be using it.
Especially with the rise of eCommerce, there is less of a hurdle for bringing a product to market. In fact, recent studies show that 40% of new products “pass the test” and make it to in-person or online shelves.
As a result, there is more competition than ever before. Sure, it is easier to make your product accessible to everyone -- but is it appealing enough for your customer to actually want to buy it?
Therefore to successfully win the ultimate race of running a profitable company, many brands conduct new product development market research before introducing it to the market.
New product concept market research is run to help understand the appeal of your brand’s product concept, gather feedback on specific features, and get insight into purchase interest.
Take for example a recent project conducted by our market research company. We detail the objectives, target audience, sample questions of the new product concept study below.
Objectives of the New Product Concept Survey
A manufacturer partnered with Drive Research to conduct a new product concept study. The manufacturer intended to develop a proprietary new product.
The objectives of the study were to:
- Validate a new proprietary product development concept
- Understand consumer preferences in three key areas
Before a study begins, we always discuss sampling criteria.
Our project team discusses with the client to learn who the target audience for the survey is. This may include details like age, interests/hobbies, purchase habits, types of households, etc.
For a concept study, this typically includes discussing who the product will be targeted to and the feasibility of reaching that target audience. This helps researchers quote costs and set the goal number of responses.
For our recently completed new product concept study, the sampling criteria included:
- A sample size of n400
- Survey with 38 questions (9 minutes to complete)
- Fielded December 15, 2021 to January 3, 2022
- The target geography was the U.S.
- There were several specific quotas related to purchasing habits
💡 The Key Takeaway: New product development starts with determining the audience. This is a major driver to determine whether the study is feasible.
Example New Product Concept Survey Questions
To understand the likeability of a new item, creating a list of specific questions for participants is a must.
Below are 10 example survey questions that could be used in a new product concept study.
- All survey questions are customized to the unique needs of each client.
- How appealing was the [new product concept] previously described? Select a rating.
- Please explain why you rated your appeal of the [new product] previously described as [insert response] out of 5. Enter your response below.
- Based on your knowledge of the product described above, how would you expect to rate your level of satisfaction with the following factors? Select a rating for each.
- If available in a store near you, how likely are you to purchase the [new product] previously described if it cost 10% more than what you currently spend? Select a rating.
- If available in a store near you, how likely are you to purchase the [new product] previously described if it was the same price as what you currently spend? Select a rating.
- Which of the following packaging types do you prefer? Select one.
- [Insert image of packaging type 1]
- [Insert image of packaging type 2]
- [Insert image of packaging type 3]
- [If a preference was made] Please explain why you prefer [insert selection]. Enter your response below.
💡 The Key Takeaway: The example questions above were further customized to meet the needs of the client. Creating the concept overview for survey respondents is another important task before the survey is finalized. Ideally, the concept should include examples and be kept to a few short paragraphs.
Final Deliverables of the New Product Concept Survey
All new product market research deliverables remain confidential with the client.
The deliverables included:
- Online portal of real-time results
- Survey data (full CSV file of responses with comments)
- Banner file of results with cuts by audience segments (includes significance testing)
- Summary report in PowerPoint with data visualization
💡 The Key Takeaway: All results from new product concept studies will remain confidential with the sponsoring client. Deliverables from market research can range depending on the client's budget. For example, a client may only choose the online portal and survey data file to cut costs.
Interested in conducting product concept development? Our team is ready for you. At Drive Research, we boast the knowledge and top-notch tools to create the best possible research results for your brand.
Want to learn more about our market research services? Talk to us through any of the ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
As a Senior Research Analyst, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.
Learn more about Emily, here.