How Concept Testing Can Position Your Brand for Success?
Concept testing is one of the modern and largely used research techniques for positioning the success of a brand. Concept testing process involves understanding consumer response such as the consumer’s wants, needs, and perception to a product or service before actually introducing the same in the market.
Need For Concept Testing In the Modern Era
In the current era of global competitive economies, knowledgeable and anxious consumers, most companies try to boost their revenue through –
• The launch of new products,
• Increasing the customer base by increasing their market share and also
• By creating their foothold in entirely new markets
All the above strategies require greater efforts from those companies thus leading to higher stakes. However, the introduction of a new product involves greater excitement and strenuous efforts. Making the business owners anticipate success without the possibility of failure cannot be justified.
Concept Testing To Overcome Failures and Reducing Cost
The best way to overcome failures is by undertaking rigorous process of concept testing. This will not only enable businesses to understand their consumers properly but also in gaining insight about how their consumers are going to react to the entry of a new product in the market even before the launch of the product. This helps in saving to a great extent on the cost related to –
• Product’s research development
• Packaging cost and
• Launching cost of the product
By undertaking concept testing, a company can gauge the public response to their brand by placing forth certain direct questions such as –
• Awareness among consumers about the brand
• Competition with respect to the brand
• Attitude of consumers towards the brand
• User’s vision about a particular brand concept or statement
• Chances of consumers embracing the proposed idea or concept
• Steps to be taken for improving the concept or idea
• The concept, idea, message or image easily understood by customers
• Preference of consumers in opting a certain idea, message concept or image and reason for the same
The success of any company depends on the decision based on the availability of data, facts and figures. Concept testing helps in identifying the ongoing consumer approach or outlook towards a specific brand and in undertaking appropriate steps to change the brand opinion. Those companies desiring to create favorable products and services should opt for concept testing as it helps to position their brand for success.
iResearch Services is a leading name when it comes to providing concept testing for a range of businesses. Get it touch with us for any of your requirements.