Product Development Confidently launch a successful product
Develop high-demand products for your market
You invest countless resources and money into new product development. But without a solid understanding of the market, new products often struggle. In fact, 40% of new products fail within the first year.
Protect your company from the risks of failed products. Companies with a data-backed product development strategy see 15 times the return on investment, on average — and they get those products to market six weeks faster.
Hanover’s product development solution helps you refine existing products, uncover the most promising new product ideas, and develop more effective go-to-market strategies. Using qualitative and quantitative research, we support you across the entire product development process, from initial concept to launch.
Source: The State of Product Development
Build innovative and high-demand products
Discover
Identify which products and services are in demand.
Position
Understand how your product offering aligns with customer need and how it outperforms competitive offerings in terms of function, service, quality, price, and more.
Deploy
Reduce risk in your product launch with valuable insights to avoid obstacles.
How it works: Product Development
Need Identification
Identifies challenges and pain points in target customers workflows to understand the problems that a new product should address. Hanover uses interviews and focus groups to identify the features of a promising product or service offering.
Market opportunity analysis
Determines the size of the opportunity for the identified product or service offering, the competition and its offerings, and the potential for effective differentiation. Hanover utilizes a mix of secondary and primary methods to characterize the market size and growth and current competitors and their offerings.
Concept testing
Characterizes the overall appeal, likelihood of purchase, and preferences on features and price for well-defined product or service concepts. Hanover uses primary methods (survey or qual depending on target market) to identify the most promising concepts to develop.
Hanover’s Research-Based Insight Drives New Product Development
“Hanover’s predictions and estimates were right in line with the actual price tradeoff and acquisition rates we experienced during product launch. Our leadership team regularly says that this is the most heavily and thoroughly researched NPD launch that they’ve ever been part of.”
—Kevin Manzel, Director of Innovation, The Teaching Company
Make decisions with confidence, not guesswork
Hanover Research provides high quality, custom research and analytics through a cost-effective model that helps clients in the corporate, education, and healthcare sectors make informed decisions, identify and seize opportunities, and heighten their effectiveness.
Flexible
Ongoing research agenda adapts with your organization’s needs
Expert
200+ analysts with advanced research expertise
Efficient
Annual, fixed-fee model delivers shared costs and benefits
Dedicated
Exclusive account and research teams ensure strategic partnership
