Product Research is a process that provides information on the characteristics of a product or a service. Companies conduct research to understand customer needs to create a product tailored for them. This research filters new product ideas.
Conducting research helps you screen and test new ideas and reduce the cost spent on ideas that may not work.
It’s a rule of thumb. Before launching a business or a new product into the market, conducting product research is imperative. Let’s look into the importance of this phenomenon.
Why Is It Important To Do Product Research
You could have a brilliant product idea but it is worthless if there is no market for it. Nobody would want to spend thousands of dollars and their precious time on launching a product that doesn’t even sell, to begin with. Here, product research comes to everyone’s rescue.
Conducting research provides the opportunity of identifying potential issues and avoid costly mistakes. It ensures that there is a market for your product, check what your competitors are doing. Consider this an opportunity to see what you can offer better and access how much your customers will be willing to pay.
Product research lets you test various aspects of the product, analyze obstacles and consider how to extend your product’s life cycle. It will give you a competitive edge and make it easier to accomplish goals. Let’s have a further look into the importance:
Regular product research gives the opportunity of excelling in the market and stay ahead of your rivals. Research lets you tap into the new opportunities that have been emerged. You would be the first one to jump on the market opportunity.
Product research offers a scope of innovation. You can boost the value of your existing product by introducing new features. This will help in designing and developing new strategies for your organization.
Having clear business goals makes it easier to drive success. If you are offering the same old boring product, there is a high probability that your business will take the back seat. Your competitors will win the race by introducing new product features or improving their product and you will end up losing customers.
Create designs relevant to your users
Conducting product research tells you what new designs your customers are interested in. If your product design is irrelevant, customers will lose interest. Instead, they will look for better products in the market that address their changing need. Eventually, they will stop buying from you.
Making sure that your customers are happy with your product is not easy. What if you have rolled out the product and it does not suit the market? Redesigning the product is going to cost you a lot of time and money. You can save yourself from trouble by conducting product research, to begin with.
It would help to know in advance what works and what doesn’t, right? Product research will reduce bounce rate, and bring you more revenue in the long run since you know the product you are selling is exactly what customers need.
Tips for Conducting Product Research
It is plain to see that with thorough research, you are able to create and execute a great product strategy. This ensures that you minimize mistakes and maximize profits.
Ready to conduct research? Here are some tips that will help you do it right and launch the product successfully in the market.
Look for products that are high in demand
Don’t have a product concept in mind? No worries, get inspiration by researching the products trending these days. Use social media and research tools for this purpose. You can also do physical research by walking into brick-and-mortar stores to see which items are selling like hotcakes.
What if you already know what you want to sell? Great! Follow the same process. Identity similar products in the market and see how can you make your product better. While conducting research, your goal should not be to convince yourself that you have an outstanding product. Rather, your goal must be to evaluate the product and check its demand.
Read reviews and case studies
Once you find products like yours in the market, see what customers are saying. Read reviews to learn what customers liked and didn’t like about the product.
Amazon research is one of the best ways of gathering additional insight into the product. Another way to learn what customers have to say is by downloading or buying case studies from companies that have sold similar products in the past. These cases begin by outlining the potential problem and solving them before they even occur. Consider this an opportunity of identifying how to improve your products and differentiate them from competitors.
Involving unbiased experts in the product development process is a great idea. For this, you can hire product engineers on contract. They will help evaluate product design and test prototypes for ensuring the quality of the product. They will analyze the market research conducted by you and create design ideas that fit the product’s concept.
Create a focus group
It’s not a bad idea to hire people who fit the target market for evaluating your product. This will help create a product profile, analyze its features and benefits and get answers to other questions about the product before launch.
Focus group alone is not effective so don’t rely on its results alone. People might say they like your product but they not be ready to abandon the product of your competitor and buy from you. Nevertheless, the product prototype will provide you significant feedback.
You can also use research tools such as SurveyMonkey and ask your target market to take the survey online. In the survey, ask open-ended questions instead of merely a yes or no. it helps to know the reason behind a no.
Market your product efficiently
Having a great product and pricing it the right way is important but another important aspect that’s ignored is product positioning. Have a look at what your competitors are doing. How are they marketing their product? What was their launch strategy? How can you improve your launch strategy based on these findings?
Your market strategy must resonate with your target audience. It must speak their language. For that, look at social media platforms that your audience uses the most. Learn about the type of products they are interested in. Find out where they shop and more.
In the current era, it makes sense to launch a product via an online store instead of a physical one. Use the power of search engine optimization to get the attention of your customers while selling the product. The marketing strategy must define what tools and channels you will be using for your launching and selling your product.
Start with a soft launch
A soft launch is a type of test marketing. It helps you do a test run for estimating sales. If the trial goes poorly, this means you must modify the product before launching it officially. Testing provides lots of useful information.
Yes, a soft launch can be expensive but it will save you from huge losses later on. This launch does not have to costly or fancy. Simply create on a landing page and use pay per click campaign for evaluating its demand. Let people ask questions about your product. Use this opportunity to explain what your product is about. Give them a form to fill and keep in touch with them to give product updates.
Don’t stop the product research
Just because you have launched the product, this does not mean the product research is over. You must continually seek customer feedback and measure the success of each marketing campaign. Test new strategies so that you can attract new customers and retain the existing ones.
Keep on studying the emerging industry trends and continue to refine your marketing strategy and of course, improve your product.
Product research gives insight into the market. You are able to find out if there is a demand for your product.
Phone surveys, online surveys, and one on one interviews can reveal a lot. Online surveys are much easier to conduct today. It’s an effective method and it’s less costly. Plus, you can see and compare patterns of data much quicker.
Steve Jobs said,
It is not the customer’s job to know what they want.
This statement is truly applicable in today’s scenario. From product research, you can identify a need and then launch a product that will sell for sure. The results of the research do not guarantee success but they certainly give insight into what the modern customer is looking for. Every bit of this information is useful, right?
If you are planning to launch a product or you are looking for a stellar product idea, there is no better way of finding that idea than conducting product research. Use the help of the latest free and premium research tools to make that happen. Your findings will keep you from huge loss and trouble later.
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