Every product idea is conceived with one ultimate aim – that it should serve the needs of the end-user. A successful product is one which comes as a solution to the pain point of the end-user. A product lifecycle begins with conception of the product idea and ends with end-user satisfaction, leading to brand loyalty and market leadership. Production, Research & Development, Launch, Marketing and Analytics are the important dimensions of product lifecycle. Pathwwway Ltd. product testing can be a foolproof mechanism that gears your product to a success, all through the crucial stages of development, introduction, growth, maturity, saturation and decline.
- Pathwwway Ltd. Product Testing Validates Product Ideas Pre-Launch
Also labelled as the incubation or the development stage, product testing finds major uses in this infant stage of the lifecycle. Every product has to succeed in its specific mission of meeting the demands of the end-user. In the smart-age, only products with customer centricity can sustain through the entire lifecycle. With its advanced methods of data collection and analysis, the Pathwwway product experts can project the market success of every product accurately. Testing is a learning platform to carry out changes in the product idea and make them more marketable. Only when product-market fitment is tested and analysed, the demands and preferences of the target market can be identified and pin-pointed strategically. Product optimization is the main goal of product testing. Various motivating as well threatening factors, both qualitative and quantitative are identified and tested. Core product ideas and brainstormed; supply-chain challenges are considered; the marketing mix is finalized.
- Assessment Of Market Demand During Product Introduction
Product testing is crucial during the launch phase. New products are tested for market acceptance. The testers use and give critical and unbiased feedback regarding various parameters of the product namely size, shape, technical specifications, colour, design etc. The testing results are a pre-cursor to mass production of products. It is dangerous to produce and market products that do not confirm to claimed features and technical standards. It would be suicidal to the brand repute and credibility. This is why product testing is accorded so much importance in the introduction stage. Many businesses, even big and establish ones, do not hesitate to accept mistakes and even call back products from the markets, if the testing results are laden with errors. Similarly, product testing helps in making a ballpark estimate of market demand for your product portfolio.
- Advantages Of Product Testing During Growth Stage
Growth stage is the most active stage of a product. It is that stage in which brand awareness starts brining in the intended benefits. The sales curve starts raising sharply and the business cruises past break-even into attaining the planned ROI. The growth stage is kind of a validation the product receives from the market. It is important to note that it is also a market or break stage for products. Badly conceived product ideas bite the dust and are kicked out of the market during this stage. Product testing reduces risks of product failures. It helps businesses keep a watchful eyes over profit margins. When peak-time sales do not lead to a corresponding increase in margins, product testing can identify the reasons thereof. It helps in arriving at optimized production processes that consume the least resources and increases profits.
- How To Handle Maturity And Saturation Of Products
Maturity is the stage when product sales reach a point beyond which there is no incremental growth in market share, no matter how much the marketing budget is expanded. There is an overall saturation in the product demand. Product testing can identify loopholes in the products that have led to the condition of saturation. Customers look for something new in the product through its lifecycle and when product innovation slows down, so does the demand. This stage is the longest in the lifecycle of a product, demanding close monitoring and continuous attention. Product testing also serves as a guide to plan organic changes to your marketing strategies, so that demand for the product is rekindled. The maturity stage is also a popular point in the PLC (product lifecycle) wherein a business introduces key alterations and innovations.
- Pathwwway Product Testing To Recreate Market Demand
Decline means the removal of a product from the market either due to competitive forces or other intra-organizational factors. Product testing works on the strengths of analytics. Research-based analytics uses concepts from artificial intelligence and machine learning. The insights extended by analytics alert businesses to the starting point of product decline. These warning bells send the R & D minds working as to how to battle competition and prevent product decline. Testing becomes both a control and guiding tool for rebranding. By identifying new uses and features in the product, the dwindling markets can be re-conquered with persistent efforts.
- Is Product Testing A Product Lifecycle Strategy?
A product lifecycle strategy is a pre-decided course of action to shepherd a product expertly, while bringing home highest possible sales during every stage of the lifecycle. In this sense, product testing a lifecycle strategy as well. Using uncompromised and first-hand data, a product is tested rigorously. Production overheads and minimized, the production schedule is streamlined and there is no limit to testing and re-testing innovative ideas. Product testing can show the perfect roadmap for businesses struggling to create a balanced portfolio of its products.
It is evident that product testing will prove advantageous to a business in any stage of the lifecycle that the product is in. Pathwwway Ltd. product testing is not a stand-alone exercise. It is a continuous and inter-knit process which shadows its lifecycle. With empirical and systematic testing, even a product with losing market shares, doomed for its market death, can be optimized for re=performance and re-capture of market share. Such is the power of hi-tech and advanced product testing methods deployed by the team at Pathwwway.