In business, you need to think and move fast. It is important to introduce new products, stay relevant and catch the eye of potential customers. It’s not only about presenting something new. It’s more about showing that your company is innovative and aligned with what people want. You can’t just throw products out there and hope clients stick. That’s where market research is very important.
Market research is like your weapon in product development. It helps to figure out if your great idea makes sense, what features people actually care about and need, and what your competitors are doing to fulfil that desire. It can be a bit burdensome. It takes time, effort, and sometimes feels like you’re wading through a sea of data. But it’s worth it and results usually pay off.
In this article we’ll dig into why market research is so important when you’re developing a new product. We’ll talk about the meaning, and what steps are involved. You’re going to get a solid understanding on how to use market research to give your new products a boost.
Contents
What’s Market Research in Product Development?
Market research for new product development is gathering information. Your team is trying to identify the main market needs, what consumers are needed, and whether your product has a chance of fulfilling that need greatly.
You wouldn’t build a house without checking out the land first, right? Market research is like surveying the land before building your product.
Why Bother with Market Research?
If you thing, “Can’t I just trust my gut?” Well, sometimes the gut is OK, but when you’re investing time and money into a new product, you would probably want more than just a guess. Here are teh benefits of market research to your business:
Minimizes Business Risks
Developing a new product takes substantial resources. It takes time and money. The last thing you want is to pour all that into something that nobody wants or that can’t compete in the market. Good market research will help to understand what customers really need and what are the chances for the product to succeed.
Helps in Launching the Right Products
Do you know the feeling when you give someone a gift and their face lights up because it’s exactly what people wanted and needed? It’s exactly what market research can do for your product launch. When you know what customers really want and need, you can create a product that fits like a glove.
It Makes Marketing Easier
Imagine trying to sell ice to people living in Antarctida – it can be tough! Now imagine selling air conditioning in the desert. It woud be easier. Market research helps you figure out not just what to sell, but how to sell it. It gives you specific insights into your customers that make your marketing more effective. You’ll know what audience to target, what people care about, and how to communicate the value when promoting your services.
Provides a Competitive Edge
In business, information is power. Thorough market research might uncover opportunities that your competitors have missed. Maybe there’s a group of customers whose needs aren’t being met, or a way of using your product that nobody’s thought of yet. This kind of insight can help you become a leader in your niche, instead of just another face in the crowd. It helped Linkup Studio launch many successful product.
How to Begin Product Development Research
Be Specific on Your Purpose
Before you jump into work, you have to know what you are aiming for. Ask yourself:
What specific knowledge do you expect to gain from this research?
What do you hope to learn?
How are you going to carry out this research?
To whom are you speaking?
This way, you will be able to avoid wasting time on information and people that do not add value to your goals and objectives.
Choose Your Research Method
Market research can be conducted in many ways, each with its own advantages and disadvantages. You could survey people, interview them, conduct focus groups, or even watch people using similar products. Choose the method or methods that will provide you with the most relevant information for the objectives you have set.
Find Help with Prototyping
After you have collected your data and have a clear vision of what you want to produce, it is time to give life to your product, or at least a mock-up of it. If you are not doing this internally, it is time you began searching for competent firms that can assist you in developing a prototype. At Linkup Studio digital product design agency, we can help you with further design services such as interactive prototypes.
Test Again and Again
Before you go full throttle on manufacturing and marketing, you must verify that your product is functional and will be useful to the intended consumers. This is where testing comes in. Take your prototype to the target consumers and let them test it to the limit. Their feedback is gold—it will assist you in improving your product and eliminating any glitches before going to market.
The 4 Types of Market Research
Initial Market Assessment
To begin with, it is necessary to carry out a market scan for opportunities. Think about what is not presently available and how you can meet that need. This could involve developing new services or incorporating new features into existing service lines. The objective is to locate and define potential niches that can be served but are currently unserved.
Concept Testing
Once you have the concept clearly laid out, it is time to refine it. Through this process, a concept is arrived at and must be tested. If possible, create a rough version of the intended final product and have it tested by the target clientele. Their feedback is essential – people can point out mistakes and flaws that could be detrimental to your product before it is launched. This step aims to ensure that the created plan is on the right track before significant effort is invested.
Pre-Launch Refinement
Sometimes it is difficult to accept the outcome, but it is often possible to improve a product even in the final stages. You can also use surveys and focus groups to gather more detailed information from respondents. This last round of input can provide the final touches that could greatly impact the product’s reception in the market.
Ongoing Market Monitoring
Marketing your product is not over after presenting it to the public for the first time. The market environment is dynamic, and so are customers’ needs. The idea is to stay tuned in and absorb all available knowledge in case sudden changes occur. Conducting surveys with your target audience more frequently will help you stay ahead and ensure your product does not become obsolete.
Wrapping Up
Product development research usually takes time, effort, and money. You may want to give up and go with the gut feeling. Based on our experience, such a research can save you from wasting resources, and will help find prospective solutions.
