Product Development Test Template
Purchase Intent
Why should you use this template?
In some way, shape, or form, most businesses deal with money, which means you need to know how to evaluate your customers’ willingness to pay.
When you need to push for a new idea, or even gather evidence for the axing of an existing product, having customer feedback on your side is a key weapon in the conversation.
Most people are tight lipped about their finances, with good reason, so using anonymous online surveys is a quick way to break past individual barriers and gather quick feedback from the masses.
Testing Outcomes
- Evaluate your customers’ willingness to pay
- Determine where your target audience is most likely to spend their money on a regular basis
- Learn how often your products come into mind when customers are evaluating their spending habits
Organization Benefits
- Learning purchase intent can help get your ideas off the group by providing validation for new business directions
- Capitalize on the products that mean most to your customers by learning where they attention is focused
Test Questions
- Have you taken out a loan before? For what?
Multiple Choice
Past experiences are key to understanding participants’ future actions. - Are you considering taking out a loan for a big purchase in the near future? For what?
Multiple Choice
You can also learn about participants’ behaviors through their own words. While not everyone has a strong idea of their own actions, these findings can be compared with other questions to determine their true validity! - Rank the following items in order from Most Likely to Least Likely for you to take out a loan for.
Rank Order
When you have multiple products up for grabs, rank order questions allow you to prioritize your efforts between them. - Which of the following is most important when considering taking out a car loan?
MaxDiff Question
How interested would you be in learning more about this loan offer? - How interested would you be in learning more about this loan offer?
Numerical Scale
If you have a direct offer to show, a quick quantitative survey question can be powerful feedback, especially when combined with a free-response follow-up.
Additional Questions
- How often do you make purchases larger than x amount of dollars?
- What is the largest purchase you’ve made in the last year?
- Which of the following represents a large purchase you are planning to make?
- Have you ever taken out a loan for a large purchase?
- What types of loans have you taken out?
- How many loans have you taken out for a large purchase?
- Which of these factors is most important when considering what loans to take out?
- How likely would you be to use a loan for the following types of purchases?
- Rank the following items from what you spend the most on and the least on each month.
- How often do you spend money on the following items?
