New Product Development/Product Portfolio
Our approach is to integrate two parts of quantitative product development and testing: product optimisation and volume forecasting. We do not believe in one fixed approach to product optimisation, rather we tailor the research to the dynamics of decision making in that market.
For example, is the product designed to attract one-off actions (lump sum savings account, initial pension purchase) or is it designed to encourage longer-term commitment and interaction (current account, regular savings, front of wallet credit card).
In addition, we need to understand how consumers relate to each product type, how the purchase decision is made and by whom. All of these frame how a product can be tested.
For volume forecasting we use a combination of consumer responses to the product concept being tested and historical data from the FRS. This shows the volumes that can be expected for product launches and the peak volumes reached over time.