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new-product-research-and-conjoint

So much has been written about conducting research for new product development. Not surprisingly, as this is an area of research almost every organization, new or old, has to face day in and day out. As market research consultants, we deal with it all the time and thought it would be beneficial to provide our audience with our own recommendations for some useful sources that explain conjoint analysis – a method most often used when researching new products and conducting pricing research.

Recommendation #1: In 15 Minutes

Understanding Conjoint Analysis in 15 Minutes

This is a relatively brief article from Sawtooth Software, the makers of software used for conjoint, that provides an explanation of the basics of conjoint. The paper uses a specific example of golf balls to make it easy to understand.

Recommendation #2: For Managers

Managerial Overview of Conjoint Analysis 

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new-product-resesarch-development-inventorA few times a week I get the privilege of talking to an inventor/entrepreneur. The products they call about range from pet toys to sophisticated electronic devices, but they all have one thing in common…they want a proof of concept for their invention. In most cases they want it in order to attract investors or to sell their invention to corporate entities.   
 
Of course, unlike our fortune 500 clients, they also have limited budgets. They’ve often tapped their savings testing prototypes and trying get a patent so they are weary of spending a lot to do consumer research. Even though only about a third of these conversations end up in our doing work for them, I enjoy them all.
 
First off, it is fun educating people on the various tools available for studying concepts. I typically start off telling them about the range of techniques from simple concept evaluations (like our Idea Audit) to more complex conjoint studies. I succinctly outline the additional learning you get as the budget increases. These little five to ten minute symposiums help me become better at talking about what we do.
 
Second, talking to someone as committed to a product as an inventor is infectious. They can articulate exactly how they intend to use the results in a way that some corporate researchers can’t (because they are not always told). While some of their needs are pretty typical (pricing research for example), others are very unique. I enjoy trying to find a range of solutions for them (from various new product research methods) that will answer the question at a budget they can afford. 
 
In many cases, I even steer them away from research. For many inventions something like Kickstarter is all they need.  In essence the market decides if the concept has merit. If that is all they need then why waste money on primary research? My hope is that they succeed and return to us when they have more sophisticated needs down the road.
 
Of course, I particularly enjoy it when the inventor engages us for research. Often the product is different than anything else we’ve researched and there is just something special about helping out a budding entrepreneur. The fact that these engagements make us better researchers for our corporate research clients is just a bonus.   
 
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new-product-research-floating-grilleI recently heard an old John Oliver comedy routine in which he talked about a product he'd stumbled upon...a floating barbeque grille. He hilariously makes the case that it is nearly impossible to find a rationale for such a product and I have to agree with him. Things like that can make one wonder if in fact we've pretty well invented everything that can be invented.

A famous quote attributed to Charles Holland Duell makes the same case: "Everything that can be invented has been invented". He headed up the Patent Office from 1898 to 1901 so it's not hard to see why he might have felt that way. It was an era of incredible invention which took the world that was largely driven by human and animal power into one in which engines and motors completely changed everything.

It is easy for us to laugh at such stupidity, but I suspect marketers of the future might laugh at the notion that we live in a particularly hard era for new product innovation. In fact, we have many advantages over our ancestors 100+ years ago. First, the range of possibilities is far broader. Not only do we have fields that didn't exist then (such as information technology), but we also have new challenges that they couldn't anticipate. For example, coming up with greener ways to deliver the same or better standard of living.

Second, we have tools at our disposal that they didn't have. Vast data streams provide insight into the consumer mind that Edison couldn't dream of. Of course I'd selfishly point out that tools like conjoint analysis or consumer driven innovation (using tools like our own Idea Mill) further make innovation easier.

The key is to use these tools to drive true innovation. Don't just settle for slight improvements to what already exists....great ideas are out there.

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In today’s fast paced, high stakes business environment, where budgets are tighter than ever, finding the time and dedicating the resources needed for generating breakthrough product ideas can be very challenging. Many companies we’ve worked with either have no process in place or rely on internal brainstorming to come up with their next product ideas.

As we know, brainstorming sessions often include a variety of stakeholders. Our academic colleague, Jacob Goldenberg, points out in his book “Inside the Box,” that a better approach to coming up with new ideas is to brainstorm on your own independently, and then bring ideas to the drawing board anonymously for further discussion and feedback. 
 
In addition, while ideation brainstorming sessions often draw upon a wealth of information and trends accumulated via various types of past research, it is difficult to come up with product ideas that are truly new. Thus, most efforts result in close-in modifications or adaptations to existing offers.
 
However, there are some key advantages to such a process as well. Likely, the most important of those is early stakeholder engagement. Having the team onboard early and throughout the process certainly increases your odds of success, and those odds increase even more when consumers are also included early in the process.
Recent Comments - Show all comments
  • Maria Panizo
    Maria Panizo says #
    Liked your webinar very much. To collect consumer feedback what would you say are the most efficient ways of doing it?
  • Kevin Dona
    Kevin Dona says #
    I am glad that you liked the webinar! The most efficient way somewhat depends on how you define “efficient” and the end purpose o

resolutions market ResearchWe are now officially two months into 2017, which means it’s time to keep up with those New Year’s resolution goals. Resolutions can be difficult to attain in both personal and professional life settings. Recently, I stumbled upon an article by Crawford Hollingworth, an interesting read about behavioral science and its effect on New Year’s resolution goal attainment. As I was reading the article, I realized the suggestions for preparing resolution goals provided in the article also relate to the process of preparing a market research study. The four steps for developing a New Year’s resolution recommended in the article are: Make a plan, Substitute old behavior for new behavior, Make it easy, and Make only one New Year’s resolution. My view on how these strategies relate to market research is as follows:


1. Make a plan

The first step of the market research journey is to make an action plan. Figure out what the objective of your research is going to be – what do you want to know and from who do you want insight? Next, consider the methods through which you will obtain the most meaningful and useful results for your research objective. Finally, put together a schedule that includes every aspect of the research, including questionnaire design, fielding the survey, data delivery and reporting the research findings.


2. Substitute old behavior for new behavior

In the grand scheme of market research methodologies, there are plenty of approaches to choose from that will provide the results needed to make powerful decisions about your product or service. Of course, it is normal human behavior to have the desire to stick to what you know, and market research isn’t much different. However, methodologies are continuing to evolve and can provide findings in various ways. For example, TRC has developed methodologies such as Message Test Express™, Idea Mill™ and Bracket™, along with other solutions that are increasingly popular among the research we conduct. This is an opportunity to be creative and try methodologies that have been tested and offer proven results, which will allow you to view research findings from an alternative perspective.


3. Make it easy

In order to get reliable results from your research, it is best to start with consideration of the questionnaire design. Plan the design with the end in mind first, then work your way to the front; if you consider what you want to know first, the questions themselves will come together easily. This will allow you to easily interpret and analyze data during the final reporting stages. On the other hand, in terms of the actual survey, you want to avoid developing questions that are overly complicated or time consuming for respondents. Make sure the questions asked make sense and the instructions are clear and concise so that respondents can quickly grasp the idea of what you are asking of them.


4. Make only one New Year’s resolution

A colleague of mine, Rajan Sambandam, provided insight during a recent meeting about the scope of market research studies being “Broad and Shallow” versus “Narrow and Deep” that I found to be interesting. A take-away from his statement is that you should either have a broad and shallow scope through which you will have less informative findings about a larger group of topics, or a narrow and deep scope through which you will have an abundance of detailed findings about one topic. Instead of striving to accomplish both “broad and shallow” and “narrow and deep” research in one initiative, focusing on one or the other will provide the most meaningful and useful information to be applied to your product or service.

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