TRC is to Launch an Early Intervention Solution, Idea Magnet, That Evaluates Product Ideas or Concepts and Effectively Gauges Their In-Market Success

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TRC Market Research announced today a launch of an agile concept evaluation tool - Idea Magnet. The tool is an early intervention solution that helps effectively prioritize preliminary product concepts and ideas, delivering metrics that both rank the concepts and evaluate how much better each concept is comparatively.

Our goal was to provide market researchers and marketers with a complete suite agile research tools. Idea Magnet essentially completes that suite. The solution helps streamline already existing product concepts.

TRC Market Research (http://www.trchome.com), a research and analytics firm specializing in new product research and conjoint analysis, announced today the launch of their agile concept evaluation tool called Idea Magnet™. The product is designed to help market researchers and marketers effectively evaluate preliminary product concepts or ideas, generated during company’s product development process.

“Our goal was to provide market researchers and marketers with a complete suite of agile research tools. Idea Magnet™ essentially completes that suite. The solution helps streamline already existing product concepts and guides internal decisions about which product ideas are worth pursuing,” says Rich Raquet, TRC’s president.

The tool is a tournament-based analytic approach developed by TRC to help companies understand early on how a consumer prioritizes a decision. The product concepts are uploaded into the system in the form of text descriptions or imagery. Idea Magnet then assigns all concepts into random sets of two or three each time a new participant joins the testing. When testing begins, participants evaluate ideas, compare the merits of each, and determine which they would most likely choose. This evaluation process continues until only one “ultimate winner” remains. By combining the choices made by consumer, Idea Magnet not only ranks the concepts, but also tells you how much better each concept is comparatively.

The entire process takes 10 business days or less from start to finish and it’s very cost-effective.

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 brand research, pricing research, business-to-business market research, market segmentation and customer satisfaction and loyalty studies.

Philadelphia-based TRC Market Research is affiliated with the Council of American Survey Research Organizations (CASRO) and the American Marketing Association.

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Lenka Kolar
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