95% of new products never really make it to market, according to a Harvard Business Review study.
Having a promising product or service idea is no guarantee of success. Developing them is a lengthy and demanding process. That's why it's essential to integrate consumer testing of your products or services with a panel of targeted consumers into your marketing strategy.
What is product performance ?
Product performance is one of the most widely used KPIs in business. It classifies products according to their performance in terms of sales volume and revenues generated. This enables teams to identify the most lucrative products for the company and adapt accordingly. By evaluating the performance of the previous year's products, it becomes possible to guide the design of new products in order to reproduce the same successes.
What is consumer tests ?
Consumer tests are research methods used to evaluate a product or service by gathering opinions and direct feedback from target users. They are essential for understanding consumer preferences and expectations with regard to a specific product. Consumer tests enable us to test and measure the effectiveness of a product in concrete terms, and to obtain detailed opinions and evaluations to improve the quality and perception of a product.