MarketFit <simulated market test>
Before launch or before a real market test, the best indication of the future potential for a new product is a more complex simulated market test. The research test mimics what happens in the market, trying to replicate the real market experience for the customer. Even if not fully realistic, this is the best option to estimate the market response without the full investment in production, distribution, advertising, and PR.
- Exposure to the new product communication to estimate the power to generate trial
- Experience with the actual product and estimation of repurchase rates
- Sample design to allow extrapolation to entire market
- Research data and marketing plan to roll out the new product can yield forecast of future sales.
Designs range from the simplest central location test with presentation of concept and product testing to realistic experimental designs involving the actual advertisements, real stores, real customers, and real money.