Market research is crucial for the success of developing new propositions. Findings from market research can drive proposition development at several stages of the process. At the earliest stage, research findings can be used to design the product or service innovation, using market research data and insights to understand what it should look and feel like. At the post-design stage, market data and insights can be used to improve the success of launching a product or service. At the mature stage, market research can be beneficial when a product or service has been designed and launched, and perhaps in the market for a while, but the number of customer complaints are rising because innovation improvements to the product or service need to be made.
Understanding customer needs and expectations
Proposition development can be enhanced by understanding customers reactions to a product or service at several stages of pre- and post-adoption. Users’ perceived value of new product and service features can be tested using a range of market research techniques. Testing of propositions and the resulting quantifiable data from the research can be used to provide evidence at Board level for new propositions e.g. identifying opportunities for technological changes, pricing strategies etc.
Behavioural economics and neuroscience techniques can be included to further understand current and prospective customer decision making. At Davies Hickman we go beyond data to actively support our clients with their proposition development methodologies, giving them a range of options to explore products and services, test ideas with real customers, and then we monitor success as well as customer satisfaction.
Understanding the market
There is no point identifying a gap in the market if there is no market in the gap. We use primary research to evidence and quantify the product or service proposition; analyse competitors and brand awareness and collect data for the go to market strategy that provides a competitive edge.
To monitor the success of proposition development we offer further primary research by tracking products, services and brands over time. Successful proposition development is not just about using primary research, so we supplement our own work with a range of third party data so that our clients get the full picture.