Product Lifecycle Solutions
Product development and refinement are critical for growth, yet most product ideas fail to launch, and few that do reach profitability.
Hanover Product Lifecycle Solutions provide essential insights during each stage of product development. Pulling from its library of options, we can apply a range of research methodologies with the difference-making data needed to ensure a product meets the customer’s needs, aligns with market expectations, and is positioned for success.
Optimizes each phase of the product lifecycle through data driven decision-making and provides data through a product’s lifecycle from inception, development, launch, manufacturing, distribution, and marketing.
Generate new product ideas, refine existing products, price products, and develop go-to-market strategies with qualitative and quantitative research including concept testing, market opportunity, product testing, and shopper experience analysis.
Identifies how to optimize an existing product line and how changes to a product or product line will impact sales and the other products in the portfolio.
Produces data to aid in the development and refinement of product packaging including tests to optimize text, graphics, color, and even the package type to inform package design and development.
Examines the relationship between price and quantity of goods sold using regression analysis to measure the effect of price on sales or Conjoint analysis to identify the price tolerance of consumers or buyers.
Tests the impact of advertising and/or marketing messages on likelihood to purchase a product and/or service to identify the most impactful messaging for associated products.
Identifies critical and influential touchpoints in the purchase journey to prioritize and strategize distribution efforts and identify the most impactful channel(s) for a product or service.
Identifies key customer needs, pain points, and challenges, as well as purchasing behaviors to guide product development and refinement efforts as well as launch strategy.
Determines which variables, both internal and external to the company, drive successful sales using regression analysis to uncover statistically significant predictors of sales conversion.