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Planning to launch a new product?
New Product Development (NPD) is the process of creating and launching a new product or service in the market. This involves several steps, idea generation, concept testing, product development, and market launch.
New product development is extremely important for business for several reasons:
- Meeting the evolving needs of customers: The introduction of new products helps businesses to meet the ever-changing needs of consumers. This also plays an important role in staying ahead of the competition.
- Diversifying product portfolio: New product development allows businesses to expand their product portfolio which can help in increasing revenue and spreading risk across a range of products.
- Generating new revenue streams: New products can be a great way to open up new revenue streams for businesses, especially if they target new market segments or fulfil a previously unmet customer need.
- Improving brand image: Companies that consistently introduce new products demonstrate their commitment to innovation and staying relevant, thereby enhancing their brand image and reputation as well as attracting customers.
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Offices across India
Our methods of ensuring profitable new product development
With the help of accurate market research, we at Surveykshan enable you to develop new products that meet the needs and expectations of customers.
Identifying Customer Needs
Through market research, we can help companies by identifying the needs, preferences and pain points of customers, that can be addressed with a new product. This is generally done with surveys, focus groups and other research methods to gain consumer insight.
Assessing Market Opportunities
We determine the size of the potential market for a new product, assess the competition and identify gaps in the market that can be filled by the new product. This can help companies in making an informed decision on the viability of the product.
Product Concept Testing
We can conduct concept testing by providing potential customers with a description or a prototype of the new product and asking for feedback. This information can be helpful in making informed decisions on product features, pricing, positioning etc.
Conducting Product Testing
Once the product has been developed, we can conduct product testing and get feedback on the product's usability, features and overall appeal. This helps in making any improvements before the product launch.
Marketing and Branding
We can also provide insights into the marketing and branding strategies that will resonate with the customers. This will help businesses tailor their marketing and branding efforts to effectively promote the product and generate revenue.
Conducting Post-Launch Evaluation
We can help in gathering feedback from customers and in tracking sales data to evaluate the success of the launch of the new product. This will help businesses in identifying areas of improvement and make the necessary changes.
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