The Importance Of Doing A Product ResearchOn October 8, 2018 by admin
Many businesses are mushrooming day by day but not all of them thrive as they should, reason being, the owner did not do their product research well. This means that doing some research here and there about which product or service to launch in the market is quite crucial.
A thorough research will see to it that you can tell:
- If the business in mind will be successful or not
- If similar products or services exist in the market
- Which approach is the best to launch, manufacture and sell your products
Therefore, product research is very vital for anyone who is thinking of starting a business. Conduct the research at the beginning and during every stage of your business even after the business has blossomed so that you can identify vital issues that may affect your business.
An initial research will help in evaluating the idea of what you want to start and get to know whether it is worth or not. It will help you identify your prospects, and the needs of your target population. Every product or service should solve a need, and if it doesn’t, then better put it off even before you kick off.
The product might be existing already but what are the gaps do the existing products have? How best can you solve the people’s need? Such questions when well answered; you can be the next globally recognized brand.
So how do you do a research?
You can simply look around and analyze what is already existing by being a mystery shopper, looking at the ads on TV, newspapers and magazines or you can read the reviews on Finderiko. It can sound easy but you need to pay close attention to all aspects even the tiniest ones, they matter a lot.
So how do you conduct product research? You can start by looking around and seeing what is available on the market by shopping around, looking at the ads in magazines, newspapers and on TV and online. Once you have an understanding of what the market has to offer you need to find out if there is demand.
You should then conduct a survey: it could be an online survey, phone survey, face-to-face interview or perhaps a paper survey where the respondents get the survey sent by regular mail. The latter might not be appreciated by the respondents as it usually means they have to send their answers back to you by snail mail. Online surveys are the method to conduct product research at a low cost, plus these allow you to see data patterns much more quickly.
One of Steve Jobs’s famous quotes is “It isn’t the consumers job to know what they want”. There is certainly some truth to this statement but the results from a product research survey are still an essential baseline measurement. While the results are not a guarantee that your new product or service is a success, they do provide you with an insight into what it is that customers are looking for, and that itself is very helpful.