Customer needs today are constantly shifting, so businesses must leverage customer insights to develop and launch the products that customers truly want.
Hanover’s latest infographic, Product Concept Testing: The Secret to Meeting Customer Needs, outlines how product concept testing can help organizations understand customer needs by gauging their reactions to potential product concepts.
New product launches drive over 25% of total revenue across industries; however, 8 in 10 new products fail in the first year. Product concept testing allows companies to explore the viability of potential product concepts by screening those concepts with target audiences prior to market entry.
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