Understand consumer acceptance level and how to convert the competitor consumer
23 December 2022
Dare to do product innovation is excellent, even though it can be risky, as there is no guarantee that a new product or service will be successful or well received by consumers. However, taking risks and daring to innovate can also bring significant rewards, such as increased market share, brand recognition, and customer loyalty. So there is only one option: research before making some innovation even a new product!
Why should you do research before releasing the new product?
Research can help a company identify potential challenges or barriers to success, such as competition or regulatory issues, and allow them to plan accordingly, including bringing a new product that they never think before, for example, producing a new coffee candy–from a company that specialist of various taste candy then expand to the new one.
To ensure the time and cost of new product development go perfectly, it is crucial to make informed decisions based on real market opportunities and customer insights. And market research provides all of these insights and guides each product development. Furthermore, research also catches customer preferences, understands the end-user experience, and distinguishes the "wants" and "needs" of the target consumer–until the acceptance of the new product.
Do product tests and get to know consumer acceptance.
It is difficult to predict the consumer acceptance level accurately; research shows that around 30,000 new products are launched yearly, and more than 90% need to be fixed. Understanding consumer acceptance is profound; product tests can help you find the right formula and concept to meet your target consumer. You can gauge your concern, even everything, with a product concept test.
By doing a product test, you will know more about the overall liking, the reason for liking and disliking, summary liking, and attribute liking according to city, user gender, age, and SES. Furthermore, get the result of the optimum point that an attribute should have for a new product, compare to recent brand as the key to converting the competitor consumers to them, and many other things! So there is no reason to do product tests, or you will waste your time, energy, and money.
There is a time to tackle everything by making several improvements
That's why every business owner must know about product testing, consumer acceptance, and stuff. Doing the research will make the weak spots more visible, and there is always time to patch weak spots.
Patching the weak spots and tackling some issues will be tiring. It will be a colossal task if the competitors are at the level of the top of the mind of everyone, no exception not their consumers. A particular strategy will be your needs. Look keenly for excellent potential in attracting attention from the appearance, and the pack would be amazing to influence in the first stage.
Furthermore, brand positioning is one of the most suitable strategies for finding your presence in a specific industry, making several improvements based on the research data, and making it stand out in the competition. It will also help you convert the competitor consumer to them, and Clove will be there for you to tackle every concern and patch the weak spots in detail.