Concept testing is the largest overall expenditure for research-related activities by marketers today. It accounts for an average of more than 6% of marketing budgets annually! According to Gartner’s 2015-2016 CMO Spend Survey, marketing budgets are increasing each year, with a focus on digital and social marketing. With these very saturated, competitive and real-time marketing channels becoming top priority, launching the right concepts quickly is more important than ever. The technology available today allows for concept testing to be conducted quickly and easily – requiring only the ability to upload the appropriate media or advertisement. When businesses rely on technology and automation to quickly leverage consumer insights, they can rigorously test concepts with limited resources, helping to ensure a successful go-to-market strategy or launch. Once again, Toluna has rocked the research industry with the release of a fully automated concept testing platform. If you’ve been following our story, you know not long ago we hinted at a major announcement that would ultimately change the way research is conducted, expanding the possibilities of how you gain insights. It’s finally here, a revolutionary, fully-automated, DIY concept testing tool – PowerConcept. PowerConcept is a re-imagining of a traditional testing methodology that’s designed to help reduce the increasing demands placed on marketers. Using Toluna’s industry leading digital platform as its foundation, PowerConcept integrates the proprietary concept testing methodology developed by Harris Interactive. By combining the strengths of these two leaders in the research industry, high-quality research standards are baked in. This marriage of high-tech and method gives brands and creative agencies the best tool available today. With a few thoughtful clicks, concept testers can design their survey, select the sample and instantly understand the overall strength of their product/brand/advertising concepts against competitors, or other concepts of the same brand. Since PowerConcept is part of the Automated Insights suite available on the QuickSurveys platform, the entire process is simple and intuitive.
Compressed Concept Testing Timelines
Insights need to move faster than consumers, and need to help power marketers to act and react in real-time in our digital world. PowerConcept takes the traditional market research timeline and shrinks it exponentially. Clients need quicker, cheaper and better data as they strive to accomplish a mountain of work with fewer resources, smaller budgets and impossibly tight deadlines. Brands looking to create the “next big thing” don’t have days, weeks or months to consider new strategies. Competitive pressures have forced everyone to work in compressed timeframes – hours … days if they are lucky. With PowerConcept, the impossible is possible. Real-time results mean instantaneous feedback, which has a positive effect on the entire development lifecycle. Speed, however, isn’t the only benefit.
A traditional concept test can cost more than $5,000 per concept, depending on the audience needed. In tests where a large number of concepts are being assessed, the project costs could border on the prohibitive. PowerConcept studies can be conducted for more than half the cost of traditional concept testing making market research budgets go a lot further. By reducing costs, Toluna is also making concept testing affordable to new markets such as smaller businesses, individuals and other entities that are seeking ways to conduct studies cost-effectively.
More than Automation
Like every system designed by Toluna, PowerConcept is streamlined and easy-to-use even if the survey designer isn’t a market research expert. PowerConcept’s strength lies in its dynamic design technology. It understands the order and significance of the questions that need to be asked. It is truly like having a data scientist at your fingertips. With PowerConcept, almost anyone can design a concept survey that will produce trustworthy, actionable results.
Results at a Glance
PowerConcept illustrates results in real-time once the study is launched. The automated reporting and insights deliverables are agency quality and provide clients with an online Infoboard, detailed concept report (PPT) and TolunaAnalytics for respondent level data. Using the powerful TolunaAnalytics reporting platform, concept testers can analyze different slices of the data, drill down to the respondent level and create crosstabs.
The Evolution Continues
With the PowerConcept introduction, Toluna continues to set the standard in market research automation. Making market research easy and affordable for everyone isn’t just what Toluna does. It’s Toluna’s mission.