New product development research – the challenge of launching a disruptive business
Beehive was approached to conduct new product development research for a disruptive shared vehicle ownership concept model. Launching a disruptive business is one of the most challenging developments an organisation can take, and risky. Therefore the needed to understand what people liked and disliked about the new product concept and how easy the idea was to communicate. Critically, they wanted to evaluate people’s interest for participating in their business, and understand the profile of people most likely to become their customers.
To understand how this new idea would be received by the market, we showed the target audience various elements of the shared ownership concept and measured their reactions. We also gauged their likelihood of buying-in to the concept in order to assess the viability of our clients’ new venture, and to help them identify their future customers more effectively.
The benefits of new product development research
Not only were we able to demonstrate how the concept was received and understood, we were also able to identify which features appealed to those most interested, and highlight potential barriers to take up. This insight was essential, enabling us to provide recommendations for refinements to the concept, focusing on which elements needed to be dialled up and down. Critically, we were able to identify the group that was likely to buy-in to the idea and from this estimate the potential market and sales, providing the client with confidence in their concept and allowing a solid base from which to seek investment.
We were also able to provide granular level detail on potential customers, providing a portrait that included not only demographic information, but also details on their attitudes towards car ownership, their average expenditure on a car and the brands they aspire to owning. This depth of information helped inform the positioning, development, communications strategy and investment value for a range of different stakeholders.