Updated: Dec 20, 2022
All the products on the market began as a simple idea, and today they are part of the lives of thousands of people who consume them. An example of this could be a restaurant or a simple ketchup brand. However, yearly, many new products launched on the market fail because the organizations did not carry out a concept test before introducing their products or services to the market.
We know that a good idea could change the world, but refining the concept and making it perfect for the customers who would buy it is essential. That is why we will talk about the importance of doing a concept test before launching a product or service.
What is a Concept Test?
Products go through many phases of design and testing before being launched, and the concept test is one of the tests that will save us from a colossal failure when launching a new product. In addition, this type of test provides a lot of information about the target audience's needs and new opportunities we could take.
A concept test is a type of market research in which customers will give feedback about a new concept or idea that the entrepreneur wants to launch on the market. In addition, we could say that a concept test is a link that unites the opinion of the market and the developers of that concept.
Why is it important to make a concept test to launch a product or service?
Launching a new product on the market is equivalent to many development hours and a lot of money invested in this idea. However, some companies still do not apply concept tests because they consider their ideas really good. If you want a clear example of the importance of concept tests, you can investigate the biggest failures of the most relevant companies nowadays.
In case you have an idea that you want to develop and launch on the market, we will mention the main reasons why you must carry out a concept test:
You will understand the customer's needs and the expectations they have of a good product.
You can increase profits and reduce costs when manufacturing the concept.
You will have better predictions of your first months when launching the product for sale.
You considerably reduce the risk of losing your invested money and improve the return on investment expectations.
You will create a direct link with your target audience, or you could discover who your target audience is.
You will understand what the essential elements of the concept are, and you will be able to refine the idea
You will develop a product that the public is willing to buy.
Concept proofs are important for all companies and helpful when developing or finding a better idea. No matter what the situation, we always recommend contacting your potential customers, showing them what solutions you can offer to their problems and listening to their feedback. TMC can help you if you are planning to launch a new product or service.