New Product Development

There is a well-known statistic from Harvard Business School which states that, of the 30,000+ new products introduced each year, 95% of them fail. There are many reasons why this might happen, and there is no ‘magic bullet’ for success. However, to give your products/services a fighting chance, you must ensure that consumers are heard […]

New product development is critical to the success of businesses and brands in the Financial Services (FS) industry. Being on top of consumers’ emerging wants and needs, or responding to new offerings from the competition, is key to maintaining relevance. And CMOs know it. In fact, a recent survey from Gartner found that 45% of […]

New product development is the lifeblood of most businesses and brands in the consumer packaged goods (CPG) industry. Being on top of consumers’ emerging wants and needs, or responding to new products from your competitors, is key to maintaining relevance. And CMOs know it. In fact, a recent survey from Gartner found that 45% of […]

At some stage during the Product Development cycle, you are likely to need to uncover consumer preferences of your products or services. This may be to fine-tune your offer to drive stronger purchase levels and/or differentiate from your competitors to a greater degree. This could happen prior to launch (usually after concept testing is done) […]

Launching a new product is an exciting process that should result in generating greater profits for your company. However, you can only maximize new product development when the offering’s revenues aren’t gained at the expense of your existing portfolio. Without the right market and consumer insights, you may soon find a promising new product leads […]

We all know that too many newly launched products fail. However, with cost-effective, quick turnaround online testing now available earlier in the product lifecycle, brands can increase product potential by better understanding market/consumer needs from the outset. By identifying the most important needs and possible market gaps and turning these into stronger ideas, brands can […]

Claims testing is just one of the new product development solutions Toluna offers.   Claims are an important marketing and communications tool. When markers present claims, they provide a reason for a consumer to trust in your product/service, as well as acting as a promise of the benefit they will receive from it. A marketing […]

Pack testing is just one of the new product development solutions Toluna offers.   Typically pack testing happens later in the product lifecycle as it determines how a product is optimized in terms of the mix of design, colors, features, messaging, logo placement, claim, etc. It’s an important stage to get right given packaging is the ultimate touchpoint with consumers, it needs to stand out in a crowded […]

Bringing a new product to market can be challenging. Especially launching a product in 2021. A bit of second-guessing is completely understandable these days, with economic uncertainty still widespread. However, with both consumer confidence and spending increasing, the pandemic does present opportunities to those with the resources to seize them. If you’re considering a new […]

Testing: an often anxiety-inducing word with an academic association. However, not all testing involves nerve-wracking exams. Concept testing is a helpful, effective way to ensure that a product or service is ready to launch and will appeal to customers. Creative concept testing is imperative for brands developing a new product to the public, as it’s […]