Philadelphia, PA (PRWEB) July 21, 2014
TRC Market Research, a research and analytics firm, announced today their agile concept evaluation tool called Idea Audit™. The product is designed to help marketers effectively evaluate various ideas, concepts, features and messages in their early conceptual stage of product development. The tool delivers essential rigorous quantitative metrics along with often-missing qualitative context without having to initiate multiple studies or phases. Idea Audit™ can be used to evaluate both a new concept and an old idea with a fresh look. It helps marketers determine if the idea is attractive and why (or why not). As Rich Raquet, TRC’s president, puts it, “We wanted to provide marketers and market researchers with a rigorous tool that can be deployed even in the fast paced development cycles that exist today… Idea Audit™ delivers on that goal”.
The process consists of 5 simple steps. First, respondents get engaged through 3 screening questions and up to 3 custom questions. Then, respondents are presented with the tested idea in a text, image or even a video form. The third step captures 7 critical metrics of the idea tested – its comprehension, appeal, uniqueness, likelihood to buy, would buy at $X, key benefits and whether consumers would talk about it. The fourth step brings the feedback to life via rich video clips of consumers speaking freely about the product and its innovative benefits. Lastly, data are synthesized and a comprehensive evaluation of an idea is provided.
The process takes 10 days or less from start to finish and it’s ultimately affordable. Idea Audit™ can be used repeatedly to evaluate and compare with other ideas.
About TRC Market Research
TRC Market Research is a product development market research firm that pairs customized solutions with senior-level attention to help solve business problems. TRC provides expertise in designing and implementing successful product development studies from testing preliminary ideas to finalizing product launches, including pricing research and market segmentation.
Philadelphia-based TRC Market Research is affiliated with the Council of American Survey Research Organizations (CASRO) and the American Marketing Association.