What is product research?
Although technology plays a major role in bringing innovative products to the markets most of these products fail to achieve meaningful customer adoption. This is usually the result of developing products that do not serve much value to the customers. This challenges can be eliminated using product research. A product research process involves identifying market opportunities and gaining meaningful customer insights that will help businesses in better decision-making.
Product research is one of the most vital steps in a product development process. Here, the product idea is carefully examined and compared to similar offerings in the market to understand the selling potential of the proposed new product. Efficient product research tools also help identify key issues in a proposed product and thereby avoid costly mistakes.
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Product research vs product development
Product development is a broader concept that involves the entire process of researching, designing, creating, marketing, and selling new products. It encompasses the entire product lifecycle starting from conception to the sale. This stage is not exclusive to designing, implementing, and selling new products, rather it can also include revamping of existing product features that could add greater value to the customers. Product research, on the other hand, is one of the first steps in developing a new product. This is concerned with the company’s R&D team testing the viability and feasibility of a particular product for a given market. Research and development for new or existing products are vital for the company’s long-term success and sustained growth.
Why is product research important?
Product research experts at Infiniti Research have listed out some of the key reasons why companies must take product research process seriously and their crucial role in the success of their product-to-market strategy:
Better understanding of customers
Who are the company’s target customers? What are their buyer personas? How often will the customers buy a particular product? An effective product research provides answers to such questions. Furthermore, this will help businesses meet customer needs and demands better than the competitors. The complete customer profile can be mapped using product market research, making it easier to determine the market size and identifying what triggers customer purchase. Furthermore, demographic (age, location, income, and gender) insights relating to the target customer can also be gained.
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Gain insights on competitors
Businesses that want to stay in the game must be well aware of who they are competing against in the market and what their key strategies are. Using market research market competition can be easily identified and companies can also gain a better understanding on the customer perception of their product compared to that of the competitors. It also provides a clear SWOT of the company and how they can improve their products.
Product testing
Even though a product might be in its last stage of development, there might still be loopholes in its functionality that can be improvised to enhance user experience. It is difficult to stay confident that a product will instantaneously connect with the audience. Product market research will clearly define what marketing approach needs to be taken in marketing the product in such a way that it resonates with the audience.
Business growth
It is too optimistic to expect that a business is always going to run smoothly and free of challenges. There are chances of a sudden spike in competition or a dip in sales. The use of market research enables companies to capitalize on market opportunities and develop innovative products or a better pricing plan. It will also facilitate in discovering new market segments and distribution channels.
Conclusion
Three main components must be addressed by companies while undertaking their product research: the consumer, the market, and key competitors. Overlooking any of these could result in serious drawbacks in the company’s product research report. The ultimate goal of a product strategy is to better understand the product and potential changes it might take in the future. This could play a major role in revolutionizing an old product entering a maturity stage or developing a new and innovative product.
Market research supports the creation of a definitive product strategy that exceeds business targets. Infiniti Research’s product research solutions can help you attain that. With accurate data and analysis, we help develop your product strategy by identifying key markets for entry, surveying consumers, competitive analysis, and identifying underlying consumer trends.
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