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Make evidence based decision making (Part 2) - Product Innovation

With the emergence of e-commerce and the access and reach it provides, many small and big companies are now adopting e-commerce in a big way. This has especially accelerated exponentially post COVID 19 world.

With e-commerce, the whole product development (NPD) cycle has gone for a drastic change. As against the NPD spanning 1.5 years to 2 years for a FMCG product. With competition coming from small and boutique companies which cater well to their core customer need, big and more established companies need to really innovate faster to counter this competition. Hence the NPD cycle needs to become shorter and crisper for the brand/marketing team to quickly decide and move forward. Failing is fine but it needs to be at the start i.e. It is ok to have 1 good idea turned down by research, but it’s risky to go ahead with 1 idea which his not tested.

SurveyGuru is one such platform which enables brand custodians to conduct speed tests related to NPD – one touch idea test, concept test and product test. With results available within 24 hours from the launch of survey, brand custodians can not get that important consumer feedback related to NPD.

Not simple results – SurveyGuru has embedded crosstabs and dashboard that helps in-depth analysis and automated reporting to all internal stakeholders.

Here are some of the NPD studies which can be deployed on SurveyGuru –

  • 01Shortlisting Ideas/needs that resonates widely with the target audience
  • 02Sizing current market – first-hand information specific to the product category within which the new product will be launched
  • 03Finalising that important brand message and impression to defines the brand proposition
  • 04Identify winning concept by testing it among target audience
  • 05Guided or supervised product tests

This is just one of the many benefits SurveyGuru can be used. Many big clients are already using SurveyGuru to get real-time insights on various research they want. With consumer feedback, brand managers are in much better position to make important to go market, marketing and advertising decisions.

To know more about SurveyGuru platform, write to GRPS Lab team at info@grpslab.com

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Posted by Gururaj Kulkarni

Speaking on today’s market scenario, marketing organization or for that matter any department within the larger organization have access to a lot of data from various sources. And these organizations/departments are finding it difficult to manage and analyze this data. For challenges like these the key stakeholders need to think out of the box and create ways to make use of the abundant data they sit on.