What Matters When Evaluating a Late Stage Idea
You have a new product idea. You understand the category landscape, the current marketplace, and unmet needs. You have also identified your target audience. What’s next?
Now is the time to bring your product to life by fine-tuning product specifics and sorting out packaging and positioning prior to launch.
When it comes to getting your late-stage idea market-ready, you can use these three steps as your guide.
How does this work? Let’s take a ready-to-eat popcorn snack as an example. The concept was created, the product successfully test marketed in two flavors (Lite Butter and Mild Cheddar), and the position defined — healthier snack. Three things had to happen next for this product to launch:
1. Evaluate product performance to see if further refinements were needed.
- In this case we needed to know what flavors should be added before launch.
- What We Learned: Having 6 flavors would maximize appeal and help steal share from the competition (chips, pretzels, microwave popcorn, etc.)
2. Settle on the optimal messages to guide copy development.
- The goal is to hold the space of being a healthier alternative compared to chips, microwave popcorn, etc.
- We needed to know what verbiage to put around the name to convey this effectively and what reasons to believe should support the brand.
- What We Learned: Positioning the product as Lite Pop — the 98% fat free Popcorn snack with 100% delicious flavor would optimize demand.
3. Design the package for maximum impact.
- We needed to find a package design that would stand out on the shelf determine the right size for the product.
- What We Learned: A multi-serve bag is sufficient (no need for single-serve sizes). An image of the product on the package front with “Lite Pop” prominently displayed at top center is ideal.
When it comes to getting your late-stage idea market-ready, you can use these three steps as your guide:
1. Fine-tune the product.
2. Optimize the message.
3. Identify the ideal packaging.
Want to have more confidence with your late-stage idea evaluation?