Using Insights to Accelerate New Product Development

New product development is a

key component of business growth and success

Generating new ideas & concepts creates organizational risk

New concept evaluation

uses quantitative surveys and

modeling to reduce risk

It reveals customer needs, wants, and requirements for

new products

Five secrets to successful new product research

1Test what

you intend

to launch

Features, benefits and attributes tested must match the product

that you plan to market

2Don't rely

solely on

qualitative

research

Qualitative research provides direction + guidance but can be

misleading due to smallsamples sizes

3People

overstate

their

interest

In new product research, survey

respondents often overstate

their intentions

4Don't

evaluate

product

features in

isolation

Utilize trade-off techniques such as Discrete Choice,

Conjoint Analysis or MaxDiff

These techniques evaluate

interactions of multiple product features, benefits and attributes

FAMOUS FORD CASE

Ford research resulted

in the Edsel which failed

within 3 years at a $350

million loss (or 2.8 billion

in 2015 dollars)

WHY IT FAILED

Consumers evaluated

features in isolation

(body, wheels, colors),

but when assembled

together, the result was

not a compelling vehicle

5Remain

Objective

Researchers must base

conclusions on empirical data

Becoming emotionally attached

to a product concept will make it difficult to stop development if

research indicates potential failure

New product development is rife

with risk but also holds the potential for great success

Objective and sound research can

mitigate risks and increase the

probability of winning

Ascension helps leading

companies develop and evaluate

new products and services

ASCENSION GROWTH & INNOVATION STRATEGIES

THANK YOU

ASCENSION GROWTH & INNOVATION

STRATEGIES

LEARN MORE ABOUT ASCENSION NEW PRODUCT RESEARCH

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