For a new Corporate Venture the market research was performed to confirm that there was a generic need for the concept and the product proposition was generated and validated. The process followed is detailed below:
1. The team visited a number of consumers and interviewed them in their own homes. We also met ‘experts’ on family dynamics and communication, e.g. psychologists, counselors, etc. The large number of “observations” about consumers was consolidated into a set of general observations about consumers’ needs for communication within families.
2. The team then interviewed 46 individual consumers (aged 7 to 70) and tested whether our generic observations applied in their families. The concept was then showed to these individuals to see if it resonated with them and we then articulated the observations into a set of phrases we called insights.
3. The insights were then tested in focus groups and validated using an on-line insight testing company and scored very highly.
4. The product proposition was articulated into a description of the product which addressed the insights developed earlier in a form that people can clearly recognise and was tested on-line with ~ 500 consumers. The consumers were asked to respond on a number of parameters including; Purchase Intent , Believability, Uniqueness, how much they are prepared to pay, etc. and the proposition scored in or above the top 20% level (European benchmark) on the key parameters.