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	Polaris Marketing Research was hired by Next Pharmaceuticals to conduct research for a new product concept. A brilliant questionnaire was written and the survey was underway in a shorter period of time than promised. Once completed, Polaris analyzed the results and presented the data in a friendly easy-to-interpret format. As I write this, I realize how simple it all sounds. But it was only simple, because Polaris under-promised and over-delivered. Every person that I worked with was focused and professional. It was one of the most pleasant experiences I've had in outsourcing. I highly recommend Polaris to any company that is looking to conduct market research.
	Deanne Dolnick, M.S. Director of Sales Next Pharmaceuticals

New Product Success

Marketing research improves your chance of new product success with timely and actionable information.

New Product Research Helps Your New Products Succeed

Everyone knows that most new products fail before they get off the ground. Some experts estimate that the new product success rate is no higher than 14%! This results in wasted time, money and opportunity. New product research helps you increase your chances of success in the high-risk arena of new product development by helping you identify unmet needs, screen concepts and plan for marketing communications to support the successful launch of your new products.

First, let’s distinguish between market research and marketing research. Market research is data and information that describes a market – usually demographics and similar data. Marketing research then is original or custom data and information that is collected to clarify and inform the marketing process.

Stages of New Product Development

There are several stages of the new product development process where new product research is useful:

Needs Assessment/Opportunity Identification:

In addition to the resources you have at hand in your company, new product research in the needs assessment/opportunity identification phase of new product development helps you hear the Voice of the Customer (VOC). By creating an accurate assessment of satisfaction with current products, we can identify underserved needs and outcomes that can be exploited with a new product or with an existing product marketed differently. Market segmentation can help you uncover hidden pockets of opportunity for new product development.

Concept Generation and Screening:

Use qualitative research to generate and preliminarily test the acceptability of new product concepts. Both in-depth interviews and focus groups are good vehicles for generating new product ideas and concept screening in the new product development process.

Quantitative Concept Testing and Value Estimation:

Now you have a great new product idea, but what is the market size? And will customer pay more for this product than for existing products addressing the same need? Conjoint analysis, Max Diff analysis and other new product research techniques allow you to segment the market to identify the high-potential target market.

Test Markets:

For many companies, the new product development process comes together in the test market phase, which give detailed and accurate information about potential marketing challenges and opportunities.

Product Marketing Strategy:

Communications and New Product Launch: Understanding the features and benefits that have the highest appeal to your target market allow you to craft the most effective marketing communications to facilitate adoption of new products. Tracking awareness, trial, and adoption can help you monitor the progress of your new product and make course correction to maximize new product success.

New Product research