New Ideas Get To Market Faster With Automated, Professional Quality Research Tool For Rapid Concept Testing With Clear Go / No Go Results
SAN FRANCISCO, June 1, 2015 — Absolutdata, a leading data analytics firm, today released NAVIK Concept Test, a tool that lets brand managers, product managers and market researchers successfully go to market with new ideas faster — and with more confidence — than ever before. A cloud-based, automated decision support tool, NAVIK Concept Test uses advanced analytics and comprehensive customizable option selection to guide the user through research design to produce clear Go / No Go results. Users can test more ideas in less time and make better decisions when evaluating potential product, packaging, pricing and promotional ideas.
“NAVIK Concept Test totally automates the market research process to make it simple and fast — yet it’s highly sophisticated and customizable to unique business needs,” said Dr. Anil Kaul, CEO of Absolutdata. “Absolutdata has more than a decade of experience in this area, and NAVIK Concept Test puts the power of that expertise directly into the hands of researchers, brand managers and product managers.”
Simple, guided steps.
At the heart of NAVIK Concept Test is an advanced analytics engine that takes the complex steps of market research and makes them simple to execute through a guided interface. Users first choose from a number of test types: new product development, price sensitivity evaluation, brand positioning enhancement, new packaging designs, etc. Concepts to be tested are uploaded, and can be images, video, text or audio. Business goals and key performance indicators (KPIs) are set, and the target group to be surveyed is defined. At this point, a test design is recommended and confirmed by the user, who can either upload their own database of panelists to be queried or select from a number of panel partners recommended by the product. The test is then conducted online, and users are able to track real-time results via the Field Status dashboard.
“The beauty of NAVIK Concept Test is that the researcher or brand manager is in control. In just a couple of hours, several options can be set, adjusted, and reset, resulting in a highly customized test specific to the individual business case,” said CEO Anil Kaul.
The initial phase of project definition and test design requires just a couple hours of the user’s time, far less than the 2 weeks of iterative planning typical when using an agency. Conducting the online survey in the field is automated, taking about two weeks to deliver final results. Summary and detailed dashboards are delivered upon survey completion and can be exported or easily shared.
“Navik Concept Test utilizes a robust combination of structured process, built-in intelligence and automation to provide a consistent methodology over multiple concept tests and is a great way to standardize concept testing across brands and geographies,” said Manish Mittal, Global Lead, Market Research and Consumer Insights at Absolutdata.
Go / No Go results.
When data collection is complete, NAVIK Concept Test presents clear “Go / No Go” recommendations for execution, along with detailed analytics behind the results. A deep dive into “winning” concepts shows the analysis and rationale behind those recommendations in a number of sharable forms, including pie charts, bar graphs, and word clouds, which can be imported into a variety of presentation and document formats.
“Technology like NAVIK Concept Test is changing the research world. By making research teams more efficient, analytics talent can deliver more results faster, and focus on applying their intellect and creativity, letting tools like NAVIK Concept Test do the heavy lifting,” added Kaul.
Price and availability.
NAVIK Concept Test is available now. Pricing starts at $4995. To learn more please visit https://www.absolutdata.com/analytics-products/navik-concept-test/.
About Absolutdata Technologies, Inc.
Absolutdata is a leader in applying decision engineering to help the world’s largest companies make better decisions by bridging data, insights and action. Absolutdata has built strong expertise and traction with Fortune 1000 companies across 40 countries. The company specializes in big data, high end business analytics, predictive modeling, social media analytics, IoT solutions and data management services. The NAVIK line of analytics products is changing the research world by putting the power of advanced analytics into the hands of marketers and researchers. Together, these services and products provide significant value to customers by helping them optimize marketing spend, undertake targeted marketing, and use customer relationship analytics to achieve superior retention and cross sell. Founded in 2001 by Dr. Anil Kaul, Sudeshna Datta and Suhale Kapoor who come with experience at McKinsey, Mitsubishi, Kraft and Pfizer, the company employs nearly 500 professionals across offices in San Francisco, Los Angeles, New York, Chicago, London, Singapore, Dubai and Gurgaon. www.absolutdata.com.