How is consumer panel data collected during the test marketing phase of a new product? The concept of the e-book publishing industry was built on the idea that the best way to create and develop new products would be to solicit customer feedback prior to launch. In order to understand how is consumer panel data collected during the test marketing phase of a new product you must understand the concept of e-books themselves. E-books are essentially digital information products that provide the information necessary for customers to make their buying decisions.
As e-books have grown in popularity throughout the informational publishing world it has become increasingly necessary to solicit consumer input prior to releasing a new product life cycle. The concept of e-books and how they can be used by customers to influence the decision making process when it comes to selecting one of many available types of e-books for downloading from a particular website goes back to an understanding of how the marketing concept of e-books evolved during the early days of the digital information age. When creating e-books the objective is not only to provide the purchaser with the content they are seeking in a convenient manner, but also to encourage the late majority into purchasing the new product by providing incentives that will encourage them to take action.
The concept of how is consumer panel data gathered during the test marketing phase of a new product can be broken down into several different components. One of the first steps taken by the e-book publishing industry when it launched a new product is to collect a “buyer survey” sample. These surveys are designed to discover that prospective buyers were willing to pay for the information contained in the e-book. These consumer panel data collection efforts are commonly referred to as customer satisfaction surveys.
These consumer panel data collection efforts are also supplemented by what is called an opt-in survey. This type of survey is often designed to find out how many people were willing to participate in the distribution of the materials and to discover how likely these individuals were to purchase the e-book itself. These surveys will also provide insight into how likely these people are to recommend the e-book to others. Based on the survey results a determination is made as to whether the e-book should be distributed throughout the World Wide Web or whether it should remain exclusive to a specific web site.
Once the distribution process of the e-book has been determined the next step is to establish whether or not the e-book meets the anticipated needs of the consuming public. After all, no one wishes to purchase an e-book that is actually ineffective when it comes to assisting the reader with an interest in purchasing the actual merchandise. This is where the second component of how is consumer panel data collected during the test marketing phase comes into play. Once all of the data from the first phase of testing is compiled and analyzed the results are subjected to what is referred to as a multiple regression analysis.
What is meant by this is that the e-book is examined through the lens of the actual consumers who took the time to participate in the distribution process. This examination will reveal what elements of the e-book did not meet the anticipated needs of the consumer. For example, if the distribution was only available to those who were already interested in the product but not in the market for it, then the e-book would fail the multiple regression analysis. Also, if the distribution was only available to people who made purchases from the designated site, then again, the results would fail the multiple regression analysis. By examining how each aspect of the e-book did not perform according to expectations, a determination is made as to whether or not the e-book should stay exclusive to the distribution site or if it should be distributed to the broader consumer base.