Concept development is a process of taking an idea and refining it into a service (or product) offering. It is a critical phase which takes place very early in the product / service development process and involves detailing the idea, which is not just based on previous knowledge or experience, but also considers what competition is offering in the market as well as what the customers actually want today.
For a concept to work, it needs to have an edge over competition not just in the present scenario, but also for a substantial period of time in the future. Concept development is a blueprint of your offering which should include the following:
- Analysing Competition (SWOT analysis)
- Mapping customer needs
- Describing product offerings from customer’s point of view
- Researching and identifying your target audience
- Listing specifics (benefits and unique features) of your offering
- Design specifics (USP, architecture, décor, etc.)
- Feasibility testing (is the concept executable)
- Concept testing (customer focus groups, interviews, comparisons, etc.)
Every concept requires infrastructure to back it up. The identified locations and finalized concept need to match because the concept raises specific demands on the location/facility. Expensive retail spaces, which demand higher prices from the customers should justify the pricing with a wow niche factor. Further, space allocation should be able to support the financial benchmarks created for the overall project. Thus, location analysis and concept development should complement each other to ensure perfect harmony. This testing is an important part of the overall project as it determines the overall feasibility and eventual profitability.
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