Does this idea have potential?
Or, how can we tailor this idea to the market? Both good questions that a major food company asked us recently. Before launching a massive line extension, they used our Concept Development research to cultivate and evaluate potential concepts for one of their largest and most prominent brands. They wanted to determine if they could leverage their considerable brand equity and create a unique product in a new category.
Concept Development helped them understand the strengths and weaknesses of the competition and identified several key differentiating enhancements, producing multiple concept options. The research not only pinpointed these options, it also quantitatively determined which had the best market potential.
This research tool assesses and refines new ideas or concepts, as well as gauges the market potential of new ideas. As a qualitative approach, Concept Development can also assess and refine potential new product, technology, feature or service concepts. These results can “grow and improve” ideas and concepts to better suit the needs of the target market. As a quantitative approach, it can assess market potential for new concepts or prototype alternatives.
- Understand consumer wants, needs and desires for a concept/idea
- Brainstorm consumer expectations based on concept evaluation
- Identify concept strengths/weaknesses and suggestions for improvement
- Determine relevance to target market or consumer base
- Grow and change concepts/ideas interactively based on consumer insights
- Guide prioritization of concept R&D investment based on consumer insights
- Determine market potential for new concepts
- Provide market information to confirm or alter business case