We recently posted an article discussing how to identify needs and opportunities in product management. Today, we want to continue that discussion and focus on concept screening.
After conducting extensive VOC (Voice of the Customer) and Qualitative Research to uncover the potential opportunities of your end-user and markets’ unmet needs, the ideas generated during this research can begin to progress toward the concept screening phase. This next phase involves a full assessment of each idea generated.
Vet Your Ideas
The most comprehensive path to fully vet each idea is to ask the following questions for each concept, or idea, generated previously:
- What unmet need is this concept solving?
- Who is our target market/customer?
- Do competitors exist today in this product category? If so, detail the similarities and differences, the pros and cons, and do a detailed SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
- What is the current state of this market? Are there trends? Technology shifts? Growth patterns?
- What is the initial feasibility of manufacturing this product? Do we have the capabilities, or will we acquire them? Do any regulations exist?
- What will be the target cost to produce this product at? What price could it sell for? Does it align with our company’s financial targets?
It’s understood that some of these questions’ answers will be an estimate based on current knowledge of the category. As a product manager, one of the most important qualities you must possess is transparency and integrity. As new information comes to light, sharing that information with your management team is of utmost importance.
Variables can make or break the path to production, so you will learn more with each phase. Include members of your team such as engineering, design, manufacturing, sourcing, finance and channel to help make the best estimates possible. Ask for their input and include their concerns, suggestions and ideas in the final concept selections so that the team is making the most educated decision possible.
Conduct Research Using Multiple Sources
During this analysis, you can pull data from multiple research sources. Secondary information, such as industry reports, are available for purchase. These sources of information can provide market detail, brands, sales data and more. The data combined with the internal knowledge of your team can help to build your market analysis.
As you dig into the details, you may find that the secondary reports and the internal team may not be able to answer everything. Custom research could be utilized to fill these gaps.
Qualitative IDIs (In-Depth Interviews) can be conducted to gather this information. Qualitative Focus Groups can also be utilized to have smaller conversations that may uncover the answers to your questions.
As you screen the ideas and answer the questions above, you will begin to see the best ideas start to stand out. The concepts that align with your organization’s strategy, unmet customer/market needs and present the largest opportunity will be the concepts that you take to the next phase of your product development process.
Get Research Help From Experts
If you aren’t sure how to conduct these interviews and focus groups, turn to the experts. The Farnsworth Group specializes in qualitative research and can guide you in the right direction to answer your questions. We also are tuned in to what secondary sources are available and if they would be useful to your project.
Click here to contact us about your research needs and get help from the experts today.