Absolutdata, data analytics firm, has released NAVIK Concept Test, a market-research tool that enables brand managers, product managers and market researchers to ideate 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,” says Anil Kaul, CEO of Absolutdata. “This tool puts the power of that expertise directly into the hands of researchers, brand managers and product managers.”
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.
“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, “ says Manish Mittal, Global Lead, Market Research and Consumer Insights, Absolutdata.
The company is targeting industries like FMCG, consumer durables among others through this tool. They have already signed up two clients and more are in the process. The company is also looking at a substantial influence globally with this tool in the market research industry, according to Mittal.