New Product Development

  • Blog: Choosing the Best Product Label Design [With Data - Not Assumptions]

    Choosing the Best Product Label Design [With Data - Not Assumptions]

    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.

    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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  • Blog: Measuring Demand for New Healthcare Product with Doctors

    Measuring Appeal and Demand for New Healthcare Product

    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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  • Blog: Name Testing a Healthcare Product or Service

    Name Testing a Healthcare Product or Service

    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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  • Blog: Measuring the ROI My Product or Service Provides My Customers

    Measuring the ROI My Product or Service Provides My Customers

    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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  • product-development-market-research-02012018

    Market Research For New Product Development

    Organizations often depend on 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 expand their market reach. With roughly 40% of new products never making it to the shelves, this type of market research becomes imperative. In order to ensure the time and cost invested in new product development doesn’t go to waste, it is essential organizations make inf

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  • Blog: Concept Testing a New Healthcare Product with Doctors

    How to Test a New Healthcare Product Concept with Doctors

    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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  • little red rocketship launching

    6 Factors to Consider Before a Product or Service Launch

    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-

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  • Blog: How to Measure the Appeal of a New Product Concept

    How to Measure the Appeal of a New Product Concept

    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 i

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  • Blog: Product Concept Development Survey Questions

    15+ Product Concept Development Example Survey Questions to Steal

    Product concept development plays a significant role in bringing a new idea to life. The feedback gathered from new product development market research should impact design, packaging, taste, pricing, marketing -- the list goes on and on. Whether you are conducting ad concept testing or comparing product packaging, online surveys are an excellent vehicle for collecting quick, in-depth, and cost-effective insights from your target consumer. However, in order to earn the best results, you must b

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  • Blog: What are New Product Demand Surveys? | Market Research Firm

    What are New Product Demand Surveys? | Market Research Firm

    Product development can be a tough process for many organizations and new business developers. Time is generally not on your side and nothing is guaranteed when taking a new product to the market. What’s worse is that you may dedicate significant resources to developing a physical sample or prototype before you really know enough information. Next thing you know, you have a full-blown dud of a product that never really garnered interest in the first place. How do product developers avoid this

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  • Blog: The Importance of Ongoing Research Through Pre and Post-Product Development

    The Importance of Ongoing Research Through Pre and Post-Product Development

    There is often more to a story than what you initially read. The same could be said for conducting market research on a new product. An initial market research study can provide excellent insights for your product, however, consumer attitudes and preferences change rapidly over time. Therefore, investing in ongoing market research studies throughout the pre and post-product development phases will help you better plan for your product’s future. Market Research for Pre-Development Phase 1

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