New Product Development
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Product Testing Research Guide From Market Research Pros
Posted at: 12/7/2023 1:30 PM
Product testing research is a proactive and essential process that contributes to the overall success and sustainability of a business. Whether it be a new product or service or updating original versions, collecting feedback before launching can ensure it meets customer expectations, regulatory standards, and market demands. In this blog post we'll go beyond a basic definition of product testing research, but also dive into its benefits, types, and steps to conducting a successful study. L
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Brand Naming Research: How to Choose the Best Business Name
Posted at: 8/1/2023 12:30 PM
Finding the perfect business name is no easy feat, and it requires a strategic approach that combines creativity, market research, and a deep understanding of your brand's values and objectives. In this blog post, we will walk you through the essential steps of brand naming research, providing valuable insights and practical tips to help you make an informed decision that resonates with your audience and sets you apart from the competition. Interested in conducting brand naming research? Dri
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Market Research For New Product Development
Posted at: 4/1/2023 12:30 PM
Organizations often depend on market research for new product development to stay competitive within an industry. While the process can be challenging, and oftentimes lengthy, new products and services allow organizations to grow and further improve their market share. However, on average, 33% of new products fail and never make it to the shelves. Therefore, investing in new product research becomes imperative. It ensures the time, cost, and resources put into launching a new product concept
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Reasons Why New Products Fail (& How to Avoid It)
Posted at: 2/15/2023 1:30 PM
The idea of launching a new product is exciting – and equally terrifying. There are a lot of unknowns that come with developing a concept. And unfortunately making decisions based on assumptions and best guesses to those unknowns is why new products fail. With up to 95 percent of all new products introduced each year failing, it’s important to beat the odds and make data-driven decisions early on. In this blog post, we’ll share common reasons causing new product failure and how market resea
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![Blog: Choosing the Best Logo for Your Business [Based on Data]](/media/5055/man-designing-a-logo-on-a-computer-1.png)
Choosing the Best Logo for Your Business [Based on Data]
Posted at: 2/5/2023 1:30 PM
Congratulations! You have taken the leap and decided to start your own business. Now that you have the perfect name picked out, you’re set with the challenge of choosing the best logo for your brand. Or, maybe you're an established business looking to rebrand an outdated logo for a fresher look. Regardless of which scenario you find yourself in, you’re probably asking yourself some key questions. What makes a good logo design? 🎨 What are the best colors and shapes to use? 🌈 How will the
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![Blog: Choosing the Best Product Label Design [With Data - Not Assumptions]](/media/4754/paper-bags-and-cup-for-coffee-on-table-outdoors.png)
Choosing the Best Product Label Design [With Data - Not Assumptions]
Posted at: 11/14/2022 5:02 PM
More than anything, customers are drawn to products with attractive packaging. Therefore, choosing the best product label design can be a direct correlation to a product’s success. Take Tropicana for example. In 2009, they were the best-selling juice brand on the market, earning more than 700 million dollars a year. That was until they invested 35 million dollars in new packaging and advertising. After introducing the new design to the market, sales dropped by 20% forcing Tropicana to return
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Have a New Banking Product Concept? Here’s How to Measure Demand.
Posted at: 10/4/2022 6:29 PM
The financial industry is changing fast, which means banks and credit union decision-makers need to introduce new products and service offerings even faster. For instance, digital banking usage is at an all-time high. It is estimated that 65% of people use online banking features, with digital transaction volume also growing by 10% in 2022. As the transition of people managing their finances online continues to grow, many institutions are looking to introduce new banking product concepts. A
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Measuring Appeal and Demand for New Healthcare Product
Posted at: 9/13/2022 6:26 PM
When it comes to launching a new product in healthcare, research is everything - not only from the potential clinical side with patients but also among prescribing doctors. Therefore, if you're testing a new healthcare product concept, it is essential to collect feedback from physicians on new product offerings to understand their opinion, potential barriers to prescribing, potential demand, and other critical factors. Our healthcare market research company recently partnered with a brand to
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Name Testing a Healthcare Product or Service
Posted at: 8/5/2022 12:30 PM
You are likely never short of ideas when naming a product or service in healthcare. You can spend weeks or months with your internal teams fine-tuning the name and figuring out the best path forward. However, some brands fail to realize that your buyers, not your sellers, determine the best product or service name. Although you may have arrived at an internal consensus, it is always essential to conduct market research to get feedback from your buying audience – whether that be doctors, phys
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Measuring the ROI My Product or Service Provides My Customers
Posted at: 7/28/2022 12:30 PM
There are many articles available on how to calculate the ROI of the tools and resources you use in-house. But what about proving the ROI your products or services offers your customers? Wouldn't this metric be nice to have to feature in marketing and sales collateral? Or, to better understand what key components customers value the most. Luckily, we have a great resolution: conducting market research with your customers. From our experience, Drive Research has leveraged various market rese
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How to Test a New Healthcare Product Concept with Doctors
Posted at: 5/6/2022 12:30 PM
There are several new technologies and innovations being introduced to the healthcare field right now. More specifically, as with many industries, medical professionals are looking for ways to adapt to digital. Major areas of interest include virtual health, cloud-based technologies, AI, collaboration, and VR. However, when introducing a new healthcare product concept, there are many uncertainties. Is there a need for the product/service? What is an appropriate price? What are the best mark
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6 Factors to Consider Before a Product or Service Launch
Posted at: 4/13/2022 12:30 PM
So, you have a product idea. Before you jump into manufacturing, there are a few factors to consider that could ultimately impact your sales when launching a new product. For context, studies have shown that the failure rate for new products is as high as 70 to 80%. Even the largest brands have a product miss from time to time -- we're looking at you Life Savers soda and Cheetos lip balm. Thankfully, there is something brands can do to avoid this… Market research! Teaming up with a third-