Increase your product's chance to succeed.

Testing your product concept is an important step towards its success. As we see it, a concept test should not only help you assess its potential, but also give you the input to determine the best way to optimize, position, price and promote your product. That is why MetrixLab designed CONTEST©, a powerful and effective way to evaluate your new-product concepts among consumers.

Outline

MetrixLab's Concept Test (CONTEST©) combines quantitative and qualitative research methodologies to analyse and provide insight into consumers' opinions on your concepts and to understand how they perform compared to competitor products. CONTEST© assesses your concept in terms of level of acceptance, perceived benefits, brand fit, competitive performance and price.

The approach works by using a series of research techniques to understand and measure acceptance and rejection in consumers' minds. With every stage, we benchmark your concept against the competition. In conclusion, CONTEST© offers you an accurate view on the likelihood of success of your concept in the market as a whole, as well as with your potential target groups. It even shows you the best way to position, price and promote your product.

Methodology and setup

With CONTEST©, we use consumer understanding to maximise concepts. We use the online environment to its optimum, creating interesting, short, fun and relevant questionnaires for respondents. The approach works by using a series of research techniques to understand and measure acceptance and rejection in consumers' minds and starts with an evaluation of the concept. We use a validated set of questions to divide respondents into groups of "acceptors" and "rejectors," allowing us to answer questions such as

• Is the concept accepted by the majority of consumers?
• What are the most persuasive arguments for acceptance?
• What are the barriers to acceptance?
• Can the concept justify its price?
• Can the concept be improved further?

In addition, we assess various Key Performance Indicators (KPI's), like uniqueness, likeability and purchase intent. An actionable benchmark comparison across various markets will give you a good notion of the likelihood of success in the market place. Next, we profile the acceptors and rejectors in terms of socio-demographics, psychographics, product-ownership and use, brand preference and other relevant variables. This information allows you to focus your communication on the groups most likely to buy your product.

We indicate which benefits and attributes increase acceptance and which are less relevant, less important or misunderstood, and the reasons why. Furthermore, we measure what benefits appeal to the acceptors and rejectors and subsequently assess the credibility of attributes, benefits and values of your new concept. This assessment allows you to focus your efforts on the areas that need to be improved whilst retaining the most compelling parts of the proposition. To assess the acceptable price range and the optimal price for your concept, we use a price sensitivity meter.

The combined analysis of all information allows you to refine and improve your concept to maximise your chances for success. Throughout your project, you will have a dedicated MetrixLab team working with you. At the end of the project, the results are presented to you in a workshop set up to discuss the key findings and their implications for your business.

Your benefits

CONTEST© by MetrixLab provides a powerful and effective way to evaluate your new-product concepts. MetrixLab offers you

• a quick and in-depth view of your concepts' KPI's and acceptance in the market.
• quantitative and qualitative feedback on strengths, perceived benefits and competitive performance of new concepts.
• an up-to-date, actionable benchmark for different product categories.

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