Breaking Up Is Hard To Do: Behavioral Economics and New Product Success
Our goal in this paper is to communicate the relevance of behavioral economics to new product adoption and the way we approach research to gauge interest in new products.
We use case studies to show how abstract psychological concepts such as the status quo bias can be captured via text analysis of open ended responses to new product concepts; we provide guidance as to how concepts should be written to motivate consumers to change; and we offer specific changes to the concept testing survey to evaluate consumer acceptance of new products. The ultimate goal is to leverage this information to conduct better new product research and improve new product adoption rates.
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