Market research for new product development

August 21, 2019

 

Well considered Market Research should always play a key role when developing new products. In the Buildings, Construction and Home Improvement sectors this should be no different with an effective approach helping to avoid unnecessary risk and expenditure. As well as understanding the strength of demand for any potential new product, an effective consultation can also be used to help plan marketing strategies, test early creative routes, assess pricing models and much much more.

 

We have completed numerous NPD related projects in the Buildings, Construction and Home Improvement sectors and can use a variety of research methods to gain feedback. We don’t have an off the shelf approach, each project is different, but here are a few examples of our methods:

 

Desk research

We understand your market and have the resource and experience to conduct comprehensive desk research. We can source and review economic and construction industry reports and interpretations and use these to help shape the approach.

 

Staff consultations

Information from your own team is often an untapped resource and often used as an excellent starting point to build knowledge specific to your new product. This approach has the added benefit of keeping the team involved and feeling a true part of the development and research process.

 

Expert consultation

Touching base with independent industry experts is sometimes used as a way to assess the impact of a new product prior to a wider rollout with target customers. This can be a time and cost-effective method that can deliver quick wins over a short period of time.

 

Qualitative market research

Conducting market research with your target customers is often the key focus of these NPD type studies. Face-to-face interviews are often the best route to do this, and we can deliver these as 1 on 1 depth interviews, focus group sessions or larger clinic approaches. With a new product there are often creatives ideas to showcase, so the face-to-face approach typically works best.

 

Quantitative market research

This approach can also have a valid role to play in NPD development. At the early design stage, a quantitative study can deliver robust results that focus upon the targets pinch points and potential future needs of your audience. It can potentially provide a tool to test early concepts and help provide direction and a future design roadmap.  

Further into development it can be used to assess and rate packaging and marketing collateral.

 

 

Eureka has an experienced team who regularly interview decision makers in your sector. These include: architects, engineers, M&E, project managers, facilities managers, contractors, tradesmen, merchants and retailers.

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