A product concept, also known as a concept statement, is a description or vision of a product or service, typically developed at an early stage of the product lifecycle.
Share early designs to gauge potential feature value and determine whether course correction is needed with your product concept.
What is a product concept?
A product concept is the core idea that shapes your product's development. It's the blueprint that guides all your design, marketing, and production efforts. This concept is part of the earliest stage of your product development. It outlines the unique selling points, value proposition, and potential market fit of what you want to put out into the world.
What is included in a product concept statement?
A product concept statement is a written description of what you plan to develop. It includes a brief overview of your product and its purpose, along with a list of key features and benefits. This statement also pinpoints the types of people or businesses your product is designed to serve. Expected resources, future features you’d like to include, and projected launch dates are other elements typically addressed in this statement.
What is product concept testing?
Product concept testing is a type of market research that helps you determine if your product is hitting the mark before investing resources into making it. During this testing phase, you ask potential users to share their feedback about your product concept.
This process usually involves sending out a survey that covers the metrics you want to evaluate. This could be value, uniqueness, purchase intent, or other factors that give you a sense of how your target audience perceives your product. Participants will then submit their responses, and you’ll get valuable insights into the potential success of your product.
How to use our Product Concept Test Survey Template
Sprig's Product Concept Test Survey template gathers valuable insights from your target audience about your product concept. This survey prompts users to share their pain points and evaluate the usefulness of certain product features. They can also assess your product mockup and its perceived value and give suggestions for ways to improve it.
You can embed this Sprig survey directly into your app or website and invite users to share their thoughts at any point in the user journey. This template is just one of Sprig's many In-Product Surveys that seamlessly integrate into your existing product ecosystem.
User feedback is only as useful as the insights you get from it. This makes analysis an important step in the product development process. Sprig’s AI Analysis software digs into your survey data and uncovers emerging trends in user responses. This software then organizes the data and extracts actionable insights from it. You can then easily share these insights across your organization, so your entire development team can collaborate effectively.
What are some examples of product concepts?
Consider a language learning app planning to launch an innovative AI feature that delivers personalized language lessons, practice exercises, and real-time conversation feedback. The product might target students, travelers, and language enthusiasts.
Key features could include adaptive interactive lessons, advanced speech recognition, and insightful cultural tips. To appeal to this audience, the company highlights enhanced language proficiency, engaging learning experiences, and the convenience of a program that adjusts to individual learning styles.
Another example could be a personal finance company that wants to introduce a financial planning app as part of its services. The product concept might describe this app as a web-based platform that helps users create and manage personal budgets, track spending, and set financial goals.
The target market would likely include young professionals and families seeking to enhance their financial literacy. As for features, expense tracking, budget management tools, and personalized investment advice might be key components. These features could help users improve their financial management, boost savings, and get a clearer understanding of their spending habits.