[ Concept Testing ]
In today's accelerated marketing environment, marketers need to identify the new product concepts that have the greatest chance of marketplace success. The risks of new product failure are greater than ever, while the cost of launching new products continues to grow.
Through a disciplined approach to upstream concept evaluation, Knowledge Networks helps you identify those product concepts that your target consumers are most likely to embrace. Our analytical techniques – combined with KN's deep category expertise – allow CPG, health care, and other manufacturers to feel more confident when bringing a new product or a line extension to market.
KN's mastery of Maximum Difference Scaling (MaxDiff) is key to its concept test approach. As administered by our Advanced Analytics team, MaxDiff effectively simulates the real decisions facing consumers; this method, particularly when analyzed in tandem with Purchase Intent scores, is typically superior to purchase interest ratings alone and rank order preference.
composite scores reflect absolute,
Note: The Composite Score is a calculation based on a weighted average of the Purchase interest and MaxDiff.
relative strengths of items
By applying its concept testing method, KN can tell you
- which concepts are clear winners among key target groups
- how key product attributes – separately and in combination – contribute to purchase intent
- the relative strength of competitive buyers' interest in your new concepts – will you be able to source from competition
Our concept tests also leverage KnowledgePanel®, the only online panel based on a representative sample of the full U.S. population. KnowledgePanel provides an accurate, projectable reading of reactions from your target groups; in addition, it allows you to deliver product images and even streaming video as part of your survey.