Concept Testing: Turning Consumer Insights into Better Products and Services

Some new products and services are groundbreaking, successful and quickly become integral parts of our lives. Others aren’t. Numerous studies have shown that as many as 80% of new product launches fail each year. If you or your clients have an idea for a new product or service, make sure there is market demand before you get in too deep. A small investment in quantitative research early in your exploration could save significant expense in the future.

In this blog post, we highlight the basics of concept testing – including what it is, study design and best practices. To learn more about Lab42’s approach to concept testing, you can download our full whitepaper below.

WHAT IS CONCEPT TESTING?

A Concept Test is a research strategy designed to assess the market viability of a new product or service. It will help you determine how appealing the concept is, how likely consumers are to buy or use it, and to identify areas for further optimization.

STUDY DESIGN

Lab42 uses a very straightforward process for testing concepts. After screening for the appropriate audience, qualified respondents are exposed to the un-priced concept and asked a battery of questions to assess its appeal, effectiveness and potential customer motivation. In addition to our standard set of concept test questions, we can also add additional modules that will allow you to understand the appeal of specific features of the concept and determine the acceptable price ranges for the product or service. We finish the survey by asking respondents for their demographic information, which will allow us to analyze the aggregate data along these demographic points. Continue reading this post…

USING RESEARCH AND DATA TO DRIVE YOUR PR

At Lab42, we realize how challenging your job can be as a PR or communications professional. One successful media pitch can make a huge difference to your clients’ businesses. However, clients do not always have pitch-worthy news. Even if you have a PR strategy already in place, you can propel your clients’ media exposure to new heights by generating genuinely newsworthy data using market research.spotlight

When we started Lab42, we realized that the best way to display our market research prowess was to conduct our own survey, generate compelling insights, and transform those data points into an infographic. The tactic worked quite well for us. Our research and infographics have been picked up by dozens of news outlets, including The New York Times,Wall Street Journal, Chicago Tribune, Forbes, Mashable and Newsweek (to name a few). After seeing our success with this method, we started recommending it to our clients.

Traditionally, market research has been used for internal projects – customer and employee feedback, concept testing and ad testing, for example. But market research is also a strategic marketing and PR tool. Generating custom, specific insights for your client or business is a great way to stay top-of-mind with the media.

If you are new to the world of market research, here are key points to keep in mind:

Continue reading this post…

AN INTRODUCTION TO LAB42’S PROPRIETARY SAMPLE

The market research landscape is constantly evolving. Just 15 years ago, telephone surveys were among the gold standards of research, and online research was in its infancy. The ways people communicate, consume entertainment and information, as well as the way brands engage consumers are changing rapidly. According to recent research by PEW, 85% of US adult population is internet users and 65% uses social media, while only 60% of the population has a landline phone.

As people spend an increasing amount of time engaging online, through social media and apps, it was only a matter of time before companies would develop ways to engage consumers where they are naturally spending their time.  As a result, Lab42 has developed a unique platform to collect sample sourced through partnerships with social media networks, e-retailers, games, and applications, providing an attractive alternative to traditional sample panel providers.

In this blog, we will outline how the Lab42 sample is collected, how we validate it, the benefits of using our sample, as well as similarities and differences between the Lab42 sample, panel sample and river sample.

Continue reading this post…

HOLIDAY SHOPPING 2015: SHOPPERS STARTING EARLIER, SPENDING MORE

Each year, we have our own holiday tradition at Lab42.  We research how consumers plan to shop for the holidays. It appears as though the recession is fully in the rearview mirror for holiday shoppers this year, with many consumers planning on spending quite a bit more during the holidays than they have over the past few years.

According to our newest research on Black Friday and holiday shopping, 62 percent of shoppers plan to start their holiday gift buying on or before Thanksgiving (up from 58 percent in 2014 and 55 percent in 2013). Only 12 percent of holiday shoppers plan to wait until Cyber Monday (November 30, 2015) or later to start their shopping.

Our research also shows that consumers continue to believe that holiday shopping shouldn’t start until after the Thanksgiving turkey has been carved, with 7 in 10 respondents agreeing that stores should be closed on Thanksgiving Day. However, the chance to snag a great Black Friday deal isn’t lost on consumers, with 27 percent of respondents saying that they are planning to start their Black Friday shopping on Thanksgiving Day/Evening (an increase from 23 percent in 2014 and 26 percent in 2013).

Continue reading this post…

2016 PRESIDENTIAL ELECTION: THE COUNTDOWN BEGINS

November 2016 will be here sooner than we know. And with the seat of the most powerful person in the world at stake, the team at Lab42 wanted to take a closer look at how Americans currently view the candidates that are running for President. While we collected quite a bit of research on this topic (you can view more results and download all the raw data set (Excel) and aggregate overview (PDF) here), we created an infographic to highlight some key data points. Check out the infographic below, and if you are interested in having your own questions added to our next Political Research (set to launch in January 2016), be sure to add them in the comment section.electionround1_final_high-res