Millennium Marketing Research®

Tom Schori DBA Millennium Marketing Research®, 808 Ironwood, Normal IL 61761, 309-532-8466

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Market Testing

Introducing new products is fraught with risk. Many, if not most, new products fail. Generally, that failure is the result of not truly knowing (or understanding) what the market wants.

Because of the inherent risk of failure, some organizations habitually introduce new products without any market testing whatsoever, usually out of a fear that they will miss a window of opportunity that their competitors will capitalize upon. Some years ago, just before the company for which one of us worked launched a $100 million product introduction, a major competitor introduced a competing new product. Our company had market tested; the competitor had not. Our product launch resulted in 1.1 share points in an industry where each share point is worth about $600 million. Their launch failed. That our launch succeed is in part due to information gained in the market test.

Critical to the success of any new product launch are three elements:

Awareness

Trial

Adoption

Millennium Marketing® provides businesses wishing to improve the odds of a successful new product launch with appropriate marketing tools which address these three critical elements.