New Product Go/No-Go Made Easy: Market Research Insights

So, you’re launching new products and are unsure how, what, where, or when to conduct product market research.

Luckily, we just hosted a great webinar on the matter. Four leading industry experts shared challenges and success stories (failures as well!), preferred methodologies, and answered attendees’ questions.

Here are some of the key moments from the webinar, with links to the recordings (in the respective times), to help you with your own product market research:

Key Challenges for Product Market Research

• Defining research objectives
• Extracting specific KPIs
• Prioritization
• Obtaining granular and reliable data
• Working with/overcoming small samples
• Combating wishful thinking and confirmation bias
• Choosing appropriate research methods

Discussing Successes and Failures of Product Market Research

• Dr. Shlomi Madar shared the success of combining quantitative survey data with qualitative data from experts to unravel unmet needs concerns and reach a more refined product offering
• Daniela Leon Cornejo told us about successfully using conjoint analysis to understand the relative value of various credit card attributes. Clients prioritized discounts, offerings, and aesthetics over price. Insights improved product offerings and doubled the profitability of the credit card portfolio.
• Lorrie Moore convinced senior management using empirical, quantifiable data on the expected profitability of a new product opportunity, even though the initial gut feeling was against that product. After the organization added the product to the portfolio, it became one of the company’s core offerings, generating significant revenue.
• Ido Shichel shared what happens when the product teams and the developes are not in sync. Aligning teams is super-important when starting the research!

Preferred Research Methodologies

• Combining quantitative and qualitative (either in tandem or in parallel)
• Conjoint analysis
• Utilizing AI tools for concept or theme extraction and research definitions
• And more…

Q&A

• Top three things to consider when implementing a data-driven strategy in the organization
• Minimum required proof for establishing a product-market fit
• Key metrics for evaluating the success of user research efforts
• Ensuring the research keeps

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Planning to launch a new product? we’d love to help with the research – reach out below!