Marketing Research is Essential for Successful New Product Development
It’s no secret that the vast majority of new product launches fail, wasting millions of dollars. And in spite of the highly publicized case studies of New Coke or the Ford Edsel, it is also no secret that marketing research can help increase the probability of success in New Product Development. Using the Stage Gate Process, Infosurv Research has many techniques that can support your decision making and increase the chances of new product success.
The Stage Gate Process can help you:
- Get new products to market faster
- Improve new product success rates
- Focus on developing products with the highest potential
- Experience fewer new product development errors, waste and re-work
Businesses that have implemented a Stage Gate Process also experience improved leadership alignment around new products, creating:
- More efficient and effective allocation of scarce resources
- Better visibility of all projects in the pipeline
- More effective cross-functional engagement and collaboration
- Better communication and coordination with external stakeholders.
The Stage Gate process creates a structured and disciplined approach to product development, with specific “stages” and requirements for the performance necessary to pass successfully through the next “gate” in the process. The stages in the process are:
- Idea Discovery to uncover and generate business opportunities and new ideas.
- Scoping creates a fast, preliminary evaluation of the concepts
- The Business Case is a detailed investigation of technical and market factors.
- Development allows the detailed design of the operations/ production required for launch.
- Testing and Validation of production and marketing plans.
- Launch of the product (commercialization).
An important aspect of the Stage Gate process is the focus on information. Instead of gut feeling, product developers and business leaders must have valid information on which to base their decisions. At each gate, the concept or product is measured against a defined set of success criteria that are stringent enough to quickly identify winners from losers.
Infosurv Research has a number of methodologies and techniques to fit your needs at the various stages for the Stage Gate development process. For more information about marketing research for New Product Development, contact us today.