Many new product or service concepts, including health insurance, can be configured in hundreds of thousands (and even millions) of ways. This is because most concepts are made up of multiple attributes and levels that must be perfectly combined and offered at just the right price before they will succeed. In today's highly competitive health insurance marketplace, advanced analytics (conjoint, etc.), along with automated search algorithms and segment-specific offers, give insurance companies a real advantage when launching new insurance products. Special Report: Using Advanced Conjoint to Design Winning Health Insurance Products
New Product Failure Rates Are High New products fail at an alarming rate. Dozens of studies put failure rates at 60% to 80%. So, why do so many new products fail? Most companies rely on some form of product research to understand their consumers' choices, preferences and buyer journeys. However, fewer companies dig deeper to understand how these preferences differ across multiple segments and how they change in response to new competitive offerings, prices and disruptions.
How to grow and profit during another economic downturn Recessionary times are tumultuous times. Change abounds. Brands disappear. Consumers awaken to new patterns of thinking and buying. As a result, the market-aware, research-driven companies are best positioned to take advantage of the chaos and change.