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Absolutdata, a data analytics firm, released NAVIK Concept Test, a tool that lets brand managers, product managers and market researchers go to market with new ideas faster. 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.”
The press release elaborated on the tool as follows: 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.
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.
Availability
NAVIK Concept Test is available now.
