News & Announcements
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FOR IMMEDIATE RELEASE
New
Product Development Help—Latest Book by Copernicus Founders Shows
Marketers How to Launch Financially Successful New Products and Services
March 1, 2006 (Waltham, MA)—New product development has become a high risk activity for companies. An estimated 90-95 percent of new products and services fail, wasting resources and damaging brands. After years of listening to marketers complain about the problems associated with new product development, line extensions, direct-to-consumer (DTC) pharmaceutical campaigns, and traditional test markets, Kevin J. Clancy and Peter C. Krieg, Chairman and CEO and President and COO respectively of Copernicus Marketing Consulting & Research, and Marianne McGarry Wolf, Professor of Agri-business at California Polytechnic State University, decided to put pen to paper and write a book about it. The result, Market New Products Successfully, provides marketers with comprehensive information about using simulated test marketing (STM) technology—the single best-validated tool in all of marketing research—to improve the odds that the new product development process will yield highly profitable new products and services. Highlights of the book include a one-stop comparison of the major STM systems available today—Assessor, Bases, Discovery, MarkeTest, MicroTest, NFO FYI, and Novaction—in terms of unique features of the models, how researchers collect data, sample sizes, types of forecasts, additional diagnostics, validation rates, and more. "When consumers want to buy a car, they can go online and can easily do a side-by-side comparison of features, strengths, and weaknesses of different models," explains Kevin Clancy. "To reduce the risks that come part and parcel with the new product development process these days, we thought we had better start by offering marketers the same opportunity to compare and contrast their STM options." Market New Products Successfully describes:
The authors additionally demonstrate cutting-edge alternative applications of STM technology. "Simulated test marketing isn't just for forecasting a new product's or service's success or failure anymore," says Peter Krieg. "When a product's sales start to slide, for instance, top management invariably issues the order to 'turn this dying brand around!' In the book, we describe how marketers can use STMs, not just for new product development, but also for restaging established brands." Another interesting application of STM is to direct-to-consumer pharmaceutical marketing campaigns. "DTC pharmaceutical advertising is one of the hottest areas in marketing today, yet for all the money spent, ROI is often disappointing," begins Clancy. "Simulated test marketing can have a particularly powerful impact on the performance of DTC campaigns, so we dedicated an entire chapter to the subject." The fascinating final chapter of the book is prognostication of the eventual evolution of STMs into marketing navigation systems that integrate strategy and tactics. To ensure that the end result of the new product development process will be a new product or service that meets, even exceeds, sales and profit objectives, marketers should pick up a copy of Market New Products Successfully. For more information and to order a copy of the book, visit www.lexingtonbooks.com.
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