Marketing research plays a crucial role in making the best decisions throughout the product development process. The understanding of the consumer wants and needs and of how your new product could fill those needs in a meaningful way is at the heart of any product development program.
Since the beginning of the 1990s MACRO Consulting, Inc.has guided clients throughout product development in different industries such as CPG, sports products, software, financial services, pharmaceutical and retail. We are well-recognized for our ability to develop creative solutions to business challenges.
Typical new product development process:
Issues we address:
The MACRO Approach to New Products
What can you expect your first year sale volume to be?
What product features are most desirable?
Which features will increase sales the most?
What price will maximize profits?
Conjoint analysis, as well as a broad family of techniques, is used to address many of the above issues:
MACRO offers a full range of conjoint techniques:
What should the new product look like?
MACRO used the association test to measure the conscious as well as subconscious communication of visual images. The association test has proven effective in identifying powerful visual motivations to human behavior.
Who will be the primary purchaser of this product, i.e. the target segment?
Who will be the secondary segment?
MACRO uses a variety of techniques for segmenting the marketplace for a new product:
Why will they buy?
MACRO has developed a technique called DriverConjoint©. DriverConjoint combines attitudes and perceptions data with conjoint utilities in a Structural Equation Model. The result is typically a deeper understanding of why customers make the product choices, and product trade-offs, that they do by identifying key attitudes and perceptions that drive utility values.
How does your brand affect sales?
What messaging should you stress?
Brand imagery data have numerous well documented problems, including collinearity, scale usage bias and brand halo. MACRO uses Structural Equation Modeling to minimize the effects of such data limitations and more accurately identify key brand drivers.
MACRO is also actively researching new ways to collect brand imagery data that will eliminate the problems currently plaguing brand measurement studies.
The first step towards generating business success is understanding the market dynamics. We provide our clients with an in-depth understanding of customers’ emotional needs and behavorial tendencies: purchasing decisions, how they evaluate products, and how these impact the customers’ lives. The results will help you identify gaps and unmeet needs to generate new concepts and new products.
Behind winning products is a powerful concept which generates strong interest, is easily understood by the consumer and fulfills a meaningful unmet need.
MACRO can help answer questions you have about your product’s appeal and how it will perform under real-world conditions.