Conducting Market Research Before a Product Launch
20/05/2021
Conducting Market Research Before a Product Launch
20/05/2021
Market research is an invaluable investment into your brand that can help you save money and increase profits when it is done properly. Instead of guessing with your instincts, the information gathered by market researchers provides evidence that can be used to build a powerful business strategy. Successful research is dependent on several factors, including the type of research, the questions asked, the sample & the analysis.
Conducting market research is vital when launching a product or service because it provides guidance and clarity that can help you penetrate your market successfully. Furthermore, the information that is gathered will allow you to make informed decisions based on consumer insights, which is one of the key elements to a victorious product launch. This research can take the form of a mixed-methods approach, a quantitative or a qualitative approach, as well as secondary research.
Melanie Valenzia,
Market Research Analyst Intern
Fact: I try to walk 10,000 steps a day
Melanie Valenzia,
Market Research Analyst Intern
Fact: I try to walk 10,000 steps a day
Market research is an invaluable investment into your brand that can help you save money and increase profits when it is done properly. Instead of guessing with your instincts, the information gathered by market researchers provides evidence that can be used to build a powerful business strategy. Successful research is dependent on several factors, including the type of research, the questions asked, the sample & the analysis.
Conducting market research is vital when launching a product or service because it provides guidance and clarity that can help you penetrate your market successfully. Furthermore, the information that is gathered will allow you to make informed decisions based on consumer insights, which is one of the key elements to a victorious product launch. This research can take the form of a mixed-methods approach, a quantitative or a qualitative approach, as well as secondary research.
By engaging in research one can better understand;
The Market
The most initial phase of research is understanding whether there is a market for your product or service. This research can help you discover whether there is a similar product or service to yours on the market, and how that product is performing. Moreover, market research can help you identify market trends and economic shifts that can help you build a competitive advantage. The information must be timely and relevant to your business.
The Target Audience
Understanding your target audience is paramount to a successful product launch. This will help you package, price, and advertise your product or service appropriately. Carrying out research can also clarify whether the product or service is appealing to that target audience, and if not, it will indicate why & help you understand what should be done.
The Competitors
Knowing who your direct and indirect competitors are will help you market your product or service. Research can uncover who your competitors are, what they are doing well, and what they are lacking. This will give you an understanding of what features are vital to compete with and how you can be better than them. Market research can also highlight what kind of gaps there are in the market & how to fill them, enabling you to differentiate your brand from others.
The Target Audience
Understanding your target audience is paramount to a successful product launch. This will help you package, price, and advertise your product or service appropriately. Carrying out research can also clarify whether the product or service is appealing to that target audience, and if not, it will indicate why & help you understand what should be done.
The Competitors
Knowing who your direct and indirect competitors are will help you market your product or service. Research can uncover who your competitors are, what they are doing well, and what they are lacking. This will give you an understanding of what features are vital to compete with and how you can be better than them. Market research can also highlight what kind of gaps there are in the market & how to fill them, enabling you to differentiate your brand from others.
When approaching market research, it may be beneficial to use a blend of several different research techniques to achieve accurate and insightful results that are relevant to your business. Because many important decisions will be based on this information, it is important to do your research thoroughly so that you can achieve the most successful outcome for your product or service.
When approaching market research, it may be beneficial to use a blend of several different research techniques to achieve accurate and insightful results that are relevant to your business. Because many important decisions will be based on this information, it is important to do your research thoroughly so that you can achieve the most successful outcome for your product or service.
