A Wall Street Journal article describes the findings of consultants at McKinsey & Co. who teamed up with researchers at MIT to learn how to improve the new product process. See below three of their key findings about ingredients "essential" for success, followed by ways our Q3MA (Quick, Qualitative & Quantitative Market Assessment) service helps turn them into integral parts of your innovation process for new consumer products.
1. “Sometimes the most significant innovations in the development process entail novel ways to rapidly validate consumer acceptance of the overall proposition or its technical feasibility before substantial costs are incurred.” (bolding and italics added)
Instead of a one- or two-question web poll that only tallies “Yea”s and “Nay”s on your product, Q3MA is a potent survey service that gives you “Yea”s and “Nay”s but also diagnoses your new product's potential, giving guidance on where it falls short (if it does), and on how big the opportunity really is. Maybe it’s much bigger than even you think it is.
2. “[M]ore than 80 percent of top performers periodically tested and validated customer preferences during the development process, compared with 42 percent of bottom performers.” (bolding and italics added)
For that great idea you're anxious to take to market, Q3MA is for you. Now you can get a quick, qualitative and quantitative nationwide market reading to help with those critical funding and priority decisions.
3. “The top performers were also twice as likely to research exactly what customers needed. That enabled them to address design concerns much earlier on, thereby minimizing project delays.” (bolding and italics added)
We built Q3MA to give entrepreneurs and businesses a nationwide survey service with professional survey design, expert data analysis, and a prompt report of findings, complete with conclusions and discussion of the marketing implications.
1. “Innovation: The Path to Developing Successful New Products,” by Mike Gordon, Chris Musso, Eric Rebentisch and Nisheeth Gupta; The Wall Street Journal, Eastern edition, Nov 30, 2009 - http://www.wsj.com/articles/SB10001424052970203440104574400593760720388