Do you have a genius idea for a new product? If you do, the first thing you must do is perform market research before proceeding with product development. More often than not, after getting an idea for a product, most companies hurry and act fast to be the first in the market. Unfortunately, in most cases, their approach leads to failure. This is because they fail to put their customers first. No matter how impressive a product is, it is only as good as what customers deem it. The purpose of market and product research is to ensure you never launch a product that will end up being a total failure. Here are some essential tips you should use when performing product research.
Read reviews on similar products
One of the fastest ways of determining if your product will be a success or not is by reading reviews and case studies on similar products. Reviews are a great source of information on what customers liked and hated about a product. With reviews, you will be able to learn about the pain points of customers and specific improvements they would like. This information will come in handy in product development. Case studies from companies that have created similar products will help identify problems that the companies faced and how they solved those issues.
Work with product engineers
Independent experts will play a pivotal role in product development. For unbiased feedback, hire product engineers to evaluate your design as well as test your prototypes. Working with experts helps determine the usability and quality of your product. Product engineers can also help analyze market research, oversee production and improve your design ideas.
Host focus groups
There is no better way of understanding how customers will react to your products than hosting focus groups. In this case, you need to hire people that fit your target market and then present them with your product profile. The profile should include how the product will look, its features, and its benefits. You then need to ask questions about the focus group’s likes and dislikes. Presenting your focus group with a prototype or a sample of the product helps you get more valid and meaningful feedback.
Soft launch the product
Soft launches and test marketing help evaluate the product in real life. If the trial goes poorly, you need to modify your product before you spend more money on marketing and producing. Test marketing will offer crucial information, but it is expensive and only possible after significant product development. On the other hand, soft launch is less costly since all you need is a simple landing page and pay-per-click campaigns to evaluate demand.
A lot of work goes into product research. Keeping in mind product research is what draws the line between success and failure, you cannot afford to skip it. The good thing is you can use professional product research solutions like those offered by Product Insights, Inc. to get the data you need and at a fraction of the cost. Contact us today to get started.