Which of your new products stand the best chance of sales and profitability?
In a company's development process, new product ideas or concepts can come in various forms. Sometimes only small nuances — like color, flavor or how the product is packaged — will set the concepts apart. Other product ideas, however, are true game changers with differentials like novelty, innovation, or answering an unmet need. Knowing there's never enough money or time to move everything forward, how would you prioritize your ideas? How do you determine which ideas die, which get postponed, and which have enough merit to make money?
We have an early intervention solution that can help you prioritize. Before you make any tough decisions, include some quick preliminary concept testing with Idea Magnet™ and let your consumer tell you which products are worth pursuing now.
Customers gravitate toward meaningful product ideas. Idea Magnet™ will help you find them.
Idea Magnet™ is a tournament-based analytic approach developed by TRC to help companies understand early on how a consumer prioritizes a purchase. It's quick (you can employ this solution in less than a week). It's cost-effective (under $10,000). And it provides the real consumer insight you need to make decisions.
Should you red light? Or green light?
Let's say your company has 15 new product ideas and all of them are pretty interesting. Better yet, all of them could hit the market in the next 12 months, but you only have money to green light a few. Which products move forward? How would you determine which of those 15 concepts has the best potential to fly off the shelves?
With Idea Magnet™, you would know. First, upload all the contenders (via text descriptions or imagery). Idea Magnet will then take all of your product concepts, and in tournament style, randomly partner two or three products together each time a new participant joins the testing. When testing begins, participants evaluate ideas, compare the merits of each, and determine which they would most likely buy. This evaluation process continues until only one "ultimate winner" remains.
By combining the choices made by consumers, Idea Magnet™ not only ranks the concepts, but also tells you how much better each concept is comparatively. Learn more with a user-friendly report issued at the end of testing.
Could Idea Magnet™ help solve your product innovation needs?
Watch a video explaining how Idea Magnet™ works: