Concept Test Archives - MarketGenics http://marketgenics.co/tag/concept-test/ Best Market Research Company Tue, 06 Aug 2024 09:05:42 +0000 en-GB hourly 1 https://wordpress.org/?v=6.6.2 https://marketgenics.co/wp-content/uploads/2021/01/icon.png Concept Test Archives - MarketGenics http://marketgenics.co/tag/concept-test/ 32 32 Identifying the best payment gateway concept https://marketgenics.co/2024/06/concept-test-qualitative-in-depth-interview/ Fri, 21 Jun 2024 06:43:39 +0000 http://marketgenics.co/?p=2936 Identifying the Best Payment Gateway Concept Identifying the Best Payment Gateway Concept: MarketGenics’ Success Story Introduction In today’s fast-paced digital economy, payment gateways are critical to enabling firms to conduct smooth transactions. A well-known bank wanted to launch a new payment gateway service aimed at small and medium-sized businesses in India. To assure the success of this launch, the bank commissioned MarketGenics.co to undertake a complete concept test research study. This study sought to determine the most engaging concept for their integrated financial solution. MarketGenics.co oversaw all the stages of the project: recruiting, data collection and analysis. Objective The major goal of this study was to determine the most promising marketing idea for the payment gateway’s integrated financial solution. The goals included the following: Evaluating the relative appeal of each concept using criteria such as relevancy, distinctiveness, credibility, and persuasion. Understanding the emotional ladders and payoffs of each notion. Identifying potential enhancements for each concept, such as various ways to articulate benefits and features. Target Audience Definition The study focused on e-commerce sellers with the following characteristics: Age: Less than 40 years Segment: SMBs with an annual turnover of INR 2-150 Cr Focus Segments: Owners/Founder-owners of businesses that are not structured or minimally structured CFOs of businesses that are completely or largely structured Presence across multiple e-marketplaces such as Amazon, Flipkart, and Myntra Key Industries: Electronics, Industrial Equipment, Apparel, Home Décor, and more Research Methodology: Qualitative In-depth Interviews MarketGenics.co adopted a qualitative research methodology, conducting in-depth interviews via online platforms such as Skype and Zoom. All interviews were conducted with informed permission. The sample design included 24 interviews.Split over Delhi-NCR, Mumbai, Bangalore, and Chennai. Our Success Story MarketGenics.co had three weeks to finish the project, separated into three phases: Week 1: Commissioning, Discussion Guide, and RecruitmentThe first week was spent commissioning the project, creating the discussion guide, and collecting appropriate respondents. Week 2: Fieldwork.The fieldwork took place during the second week. This phase included conducting in-depth interviews with the selected e-commerce sellers. Week Three: ReportingThe final week was spent transcribing and evaluating the data, after which the findings were reported to the customer. Challenges and Executions One of the most difficult tasks was finding the correct team of e-commerce sellers to participate in the interviews. However, once the respondents were on board, the interview went smoothly. The SME entrepreneurs gave significant insights into the innovative concepts. Client Feedback The client was really pleased with the project’s effective completion within the tight deadline. The client’s feedback was touching. “Thank you for the superb support in executing this study under tight timelines. Your team worked relentlessly and I value their contribution.” Conclusion The concept test research study completed by MarketGenics.co for a well-known bank’s payment gateway was a huge success. MarketGenics.co gave actionable insights to the customer by assessing the relative appeal of each concept and determining the emotional and practical payoffs. These insights have enabled the bank to make educated judgments regarding the most promising concept for their integrated financial solution, providing them a competitive advantage in the highly competitive food industry. MarketGenics.co continues to thrive at providing high-quality market research services, guiding clients through difficult market landscapes with confidence.

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Identifying the Best
Payment Gateway Concept

Identifying the Best Payment Gateway Concept: MarketGenics' Success Story

Introduction

In today’s fast-paced digital economy, payment gateways are critical to enabling firms to conduct smooth transactions. A well-known bank wanted to launch a new payment gateway service aimed at small and medium-sized businesses in India. To assure the success of this launch, the bank commissioned MarketGenics.co to undertake a complete concept test research study. This study sought to determine the most engaging concept for their integrated financial solution. MarketGenics.co oversaw all the stages of the project: recruiting, data collection and analysis.

Identifying the best payment gateway concept

Objective

The major goal of this study was to determine the most promising marketing idea for the payment gateway’s integrated financial solution. The goals included the following:

  • Evaluating the relative appeal of each concept using criteria such as relevancy, distinctiveness, credibility, and persuasion.
  • Understanding the emotional ladders and payoffs of each notion.
  • Identifying potential enhancements for each concept, such as various ways to articulate benefits and features.

Target Audience Definition

The study focused on e-commerce sellers with the following characteristics:

  • Age: Less than 40 years
  • Segment: SMBs with an annual turnover of INR 2-150 Cr
  • Focus Segments:
    • Owners/Founder-owners of businesses that are not structured or minimally structured
    • CFOs of businesses that are completely or largely structured
  • Presence across multiple e-marketplaces such as Amazon, Flipkart, and Myntra
  • Key Industries: Electronics, Industrial Equipment, Apparel, Home Décor, and more

Research Methodology: Qualitative In-depth Interviews

MarketGenics.co adopted a qualitative research methodology, conducting in-depth interviews via online platforms such as Skype and Zoom. All interviews were conducted with informed permission.

The sample design included 24 interviews.
Split over Delhi-NCR, Mumbai, Bangalore, and Chennai.

Our Success Story

MarketGenics.co had three weeks to finish the project, separated into three phases:

Week 1: Commissioning, Discussion Guide, and Recruitment
The first week was spent commissioning the project, creating the discussion guide, and collecting appropriate respondents.

Week 2: Fieldwork.
The fieldwork took place during the second week. This phase included conducting in-depth interviews with the selected e-commerce sellers.

Week Three: Reporting
The final week was spent transcribing and evaluating the data, after which the findings were reported to the customer.

Challenges and Executions

One of the most difficult tasks was finding the correct team of e-commerce sellers to participate in the interviews. However, once the respondents were on board, the interview went smoothly. The SME entrepreneurs gave significant insights into the innovative concepts.

Client Feedback

The client was really pleased with the project’s effective completion within the tight deadline. The client’s feedback was touching.

“Thank you for the superb support in executing this study under tight timelines. Your team worked relentlessly and I value their contribution.”

Conclusion

The concept test research study completed by MarketGenics.co for a well-known bank’s payment gateway was a huge success. MarketGenics.co gave actionable insights to the customer by assessing the relative appeal of each concept and determining the emotional and practical payoffs. These insights have enabled the bank to make educated judgments regarding the most promising concept for their integrated financial solution, providing them a competitive advantage in the highly competitive food industry.

MarketGenics.co continues to thrive at providing high-quality market research services, guiding clients through difficult market landscapes with confidence.

The post Identifying the best payment gateway concept appeared first on MarketGenics.

]]> Concept Test for a Reputed Refrigerator Brand: Focussed Group Discussions https://marketgenics.co/2024/04/concept-test-for-a-reputed-refrigerator-brand/ Tue, 09 Apr 2024 05:02:07 +0000 http://marketgenics.co/?p=3938 Unlocking Consumer Insights: Concept Testing for a Leading Refrigerator Brand Concept Test for a Reputed Refrigerator Brand In the competitive landscape of the appliance market, staying ahead requires more than just innovative design and functionality. Understanding consumer preferences and responses to new concepts is crucial for any brand striving to maintain its edge. A reputed refrigerator brand, let’s call them XXXX, embarked on a journey to validate their latest concepts in the market. To achieve this, they apporached MarketGenics India Pvt Ltd, the best market research company in India, to conduct a comprehensive study. Key Objective: Assessing Concept Appeal The primary aim of this research endeavor was to gauge the appeal and preferences among the target audience for five distinct concepts developed by XXXX. MarketGenics India Pvt Ltd spearheaded this initiative to delve deep into consumer perceptions. Target Audience: Who We Engaged With The selected demographic for this study comprised individuals aged between 28 to 40 years, residing in key urban hubs including Delhi, Gurugram, Bangalore, and Chennai. These were predominantly working professionals, both male and female, who held decision-making authority in household purchases. Methodology: Focused Group Discussions To accomplish the research goals, a methodology centered around focused group discussions was employed. Here’s how the process unfolded: Pre-Screening of Respondents Before the discussions commenced, a meticulous screening process was undertaken to ensure that the chosen respondents aligned with the client’s specified criteria. This step was imperative to gather insights from individuals who accurately represented the target market. Facilitated Discussions Led by experienced moderators and interviewers, each focused group discussion comprised eight carefully selected respondents. Additionally, a representative from XXXX’s team was present to witness firsthand the discourse surrounding their concepts. These discussions spanned a duration of one hour each, providing ample time to delve into the nuances of each concept. In-Depth Exploration During the discussions, every concept was thoroughly explored, with participants sharing their spontaneous reactions, overall likability, perceived uniqueness, relevance, and willingness to consider the product presented in the concept. Both positive and negative viewpoints were welcomed, ensuring a comprehensive understanding of consumer sentiments. Consolidating Insights Following the conclusion of all discussions, the research team meticulously compiled the findings, encapsulating the diverse perspectives and feedback shared by the respondents. These insights were then distilled into a comprehensive report, ready to be presented to XXXX. Conclusion: Empowering Brands with Consumer Insights In today’s dynamic marketplace, the ability to anticipate consumer preferences and adapt accordingly is paramount. Through focused group discussions conducted by MarketGenics, XXXX gained valuable insights into the viability and consumer appeal of their refrigerator concepts. Armed with these insights, they are poised to refine their offerings and stay ahead in the ever-evolving world of appliances. In conclusion, concept testing serves as a cornerstone in the product development journey, allowing brands to validate their ideas, refine their strategies, and ultimately, resonate with their target audience. As XXXX continues to innovate and elevate their offerings, the collaborative efforts with MarketGenics underscore their commitment to consumer-centricity and excellence in the realm of refrigeration.  

The post Concept Test for a Reputed Refrigerator Brand: Focussed Group Discussions appeared first on MarketGenics.

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Unlocking Consumer Insights:
Concept Testing for a
Leading Refrigerator Brand

Concept Test for a Reputed Refrigerator Brand

In the competitive landscape of the appliance market, staying ahead requires more than just innovative design and functionality. Understanding consumer preferences and responses to new concepts is crucial for any brand striving to maintain its edge. A reputed refrigerator brand, let’s call them XXXX, embarked on a journey to validate their latest concepts in the market. To achieve this, they apporached MarketGenics India Pvt Ltd, the best market research company in India, to conduct a comprehensive study.

Key Objective: Assessing Concept Appeal

The primary aim of this research endeavor was to gauge the appeal and preferences among the target audience for five distinct concepts developed by XXXX. MarketGenics India Pvt Ltd spearheaded this initiative to delve deep into consumer perceptions.

Target Audience: Who We Engaged With

The selected demographic for this study comprised individuals aged between 28 to 40 years, residing in key urban hubs including Delhi, Gurugram, Bangalore, and Chennai. These were predominantly working professionals, both male and female, who held decision-making authority in household purchases.

Methodology: Focused Group Discussions

To accomplish the research goals, a methodology centered around focused group discussions was employed. Here’s how the process unfolded:

Pre-Screening of Respondents

Before the discussions commenced, a meticulous screening process was undertaken to ensure that the chosen respondents aligned with the client’s specified criteria. This step was imperative to gather insights from individuals who accurately represented the target market.

Facilitated Discussions

Led by experienced moderators and interviewers, each focused group discussion comprised eight carefully selected respondents. Additionally, a representative from XXXX’s team was present to witness firsthand the discourse surrounding their concepts. These discussions spanned a duration of one hour each, providing ample time to delve into the nuances of each concept.

In-Depth Exploration

During the discussions, every concept was thoroughly explored, with participants sharing their spontaneous reactions, overall likability, perceived uniqueness, relevance, and willingness to consider the product presented in the concept. Both positive and negative viewpoints were welcomed, ensuring a comprehensive understanding of consumer sentiments.

Consolidating Insights

Following the conclusion of all discussions, the research team meticulously compiled the findings, encapsulating the diverse perspectives and feedback shared by the respondents. These insights were then distilled into a comprehensive report, ready to be presented to XXXX.

Conclusion: Empowering Brands with Consumer Insights

In today’s dynamic marketplace, the ability to anticipate consumer preferences and adapt accordingly is paramount. Through focused group discussions conducted by MarketGenics, XXXX gained valuable insights into the viability and consumer appeal of their refrigerator concepts. Armed with these insights, they are poised to refine their offerings and stay ahead in the ever-evolving world of appliances.

In conclusion, concept testing serves as a cornerstone in the product development journey, allowing brands to validate their ideas, refine their strategies, and ultimately, resonate with their target audience. As XXXX continues to innovate and elevate their offerings, the collaborative efforts with MarketGenics underscore their commitment to consumer-centricity and excellence in the realm of refrigeration.

 

The post Concept Test for a Reputed Refrigerator Brand: Focussed Group Discussions appeared first on MarketGenics.

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