A financial services client asked us: Before we go to market, can we gauge the level of interest in a new product we’re considering? Can you help us understand what features and names would be most appealing?
Conducting UX research before launching a new product feature can help test assumptions and patterns, inform high-risk and high-cost decisions, and significantly impact overall success.
Our client needed to validate the interest and willingness to pay among a specific subset of customers. Having conducted previous research to identify this target group, they aimed to build on these findings with quantitative data to ensure a successful market entry.
AnswerLab set out to conduct a quantitative UX research study to:
- Validate interest in the product concept among prime prospects and gauge their willingness to pay for it
- Identify which product features were most compelling
- Determine the preferred names for the new product to ensure optimal market resonance
>> Dive deeper: Learn how we solved usability issues prior to launching in a new global market.
We answered:
To provide a robust foundation of quantitative insights, we designed an online survey accessible via both computers and mobile devices. The survey targeted 500 respondents who were current customers and fit the client's definition of prime prospects.
The survey asked respondents to evaluate the central concept in detail, including their general interest in the concept and their interest with a monthly fee incorproated. This allowed us to measure respondents' initial interest in the new product concept and how that interest changed when a price was introduced.
Additionally, we explored the appeal of specific features and tested multiple potential product names the client had developed to identify which resonated best with prime prospects.
Outcome:
The quantitative study provided critical insights that guided the client's go-to-market strategy. First, we validated that there was strong interest in the new product among their customer base. However, some expected the feature to be included for free, and they became less interested when a price was introduced.
We also identified that most of the proposed features were highly desired, and we conducted a small TURF Analysis (Total Unduplicated Reach and Frequency) to identify the optimal combination of features to maximize appeal and market reach.
Lastly, we shared findings around the proposed product names to inform their pre-launch decision-making process, including one that performed slightly better among customers most interested in the concept.
These findings provided the client with:
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- Validated understanding of interest and potential demand for the new product feature, including the impact their price might have on demand
- Clearer focus on a more specific target segment within their prime prospects, enhancing the precision of their marketing and product development efforts
- Actionable insights on feature prioritization and bundling, enabling them to optimize the product offering for launch
- Confidence in their naming strategy with a preferred name that resonated best with their most engaged customers
With these insights, the client was well-positioned to move forward with a targeted product launch strategy aligned with customer expectations and preferences, ensuring a more successful market entry and adoption.
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With 18+ years of UX-specific experience, our quantitative research team specializes in collaborating with you on your research objectives and leading all facets of your end-to-end custom survey projects.
>> Learn more: Streamlining Development Pre-launch - Mixed Methods Hardware UX Research
