Your 2023 plans should be driven by the voice of the consumer. Who should you be targeting? What features/benefits and pricing would cause them to try your product? And what messaging would catch their attention?
New Product Development Methods:
For New Product Screening, DDG uses a Maximum Differential Scaling methodology to estimate “share of preference” for each of the potential products.
DDG deploys Discrete Choice Modeling, popularly known as conjoint analysis to identify the most appealing product features most appealing and what consumers would be willing to pay for them.
Concept testing determines which products should go to market and at what price. DDG uses a Monadic Experimental Design to create firm projections.
Segmentation is a research technique designed to identify homogeneous groups of similar consumers (or occasions) from a vast, heterogeneous market population.
DDG develops a basic multidimensional segmentation scheme that groups consumers into discrete groups based on their needs when it comes to the new products…thus “needs-based segmentation.”
Implicit in this approach is that the needs-based nature of the segmentation study itself should reflect the possibilities of what potential new products could be. Key to this is the determination of the needs statements to reflect unmet needs in the market.
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