Product Research ‘Musts’ We Overlook – And Never Learn!
Market Research For New Product
New ideas for products and services are conceived every day — yet many of them fail because they weren’t properly introduced to the market. Market research helps ensure both that the product launch will hit the ‘right buttons’ in the consumer, and ensures that the product idea itself addresses the (often unspoken) desires of the customer.
In general, we can speak of seven different steps in the pre-launch research process: understanding the market and the competition, targeting the customer, devising a unique value proposition, determining marketing strategy, testing the product and overall approach, rolling out the campaign, and keeping track of the overall lifecycle.
Let’s consider these steps of product research before launching a new product in more detail.
Price is the fundamental decision-making factor that affects consumer buying behaviour. It is a great mitigator and propagator of ‘reason’ for all of us. Price psychology, strategy and research are absolutely crucial while assessing, creating, launching or re-launching a product. Any product.
The price of the product must commensurate with the value or ‘promise’ of the product. This is not an ’empty’ promise; it is a realistic promise with a truthful claim, based on the company’s agency’s industry relevant experience, technical skill, proven value and consistent credibility.
It is imperative that every entrepreneur or company researches this important and most fundamental element when it comes to their products or services. Studying market trends, industry patterns, competitors and even newcomers – is absolutely crucial in gathering vital, proactive and effective pricing data.
High Demand – Low Competition
Firstly, you can identify a product niche or a gap in the market that isn’t already covered. Alternatively, you can identify the products that are already in high demand and capitalise on these markets.
The problem is, while the process of identifying a gap in the market can be a solid business move, it can also be a risky one. For this reason, we have focused on the latter approach of finding products that are already selling well, if you were say a Seller looking to sell on Amazon or Shopify, for example.
One more factor to consider is seasonal demand of a product. Now this will depend on whether you want to find a product that will sell consistently well all year round, or something that is more seasonal. It’s also worth thinking about the shelf life of the item.
Thus, the key is striking the right balance during your research phase for the product you want to launch or sell. Focus on something that has high demand but low competition, so that your barriers to entry are minimal.
If you’re a Seller on say Ebay, for example, The Feedback score is the number in parentheses next to a member’s username, and is also located at the top of the Feedback Profile. Next to the Feedback score, you may also see a star. The number of positive, negative, and neutral Feedback ratings a member has received over time are part of the Feedback score.
Do not, we repeat, DO NOT overlook this important parameter. Your feedback score is the ‘face’ of your credibility and reputation in the eyes of the target audience. Taking it lightly can single handedly jeopardize the viability and wroth of your product, no matter how great you think your product is.
Relying on a Single Software
Diversity and Versatility is the name of the game when it comes researching for your product in a robust, proactive and diligent manner. If you’re relying on just one software for product research, you are shooting yourself in the foot with blind eyes!
Use multiple softwares to increase efficiency and probability of hitting the jackpot when it comes to meticulous and laser focused research. Softwares like Jungle Scout, Unicorn Smasher, Sellics, Amz Hook etc. are all great product research softwares available online that you can use in a timely fashion.
The beginning of a product launch also means understanding your competitors, and what products and services they have on offer.
Though you might believe there’s currently no competition for your new product, put yourself in the shoes of your customers and consider what they could buy instead of what you’re planning to offer.
Review those competitors’ marketing materials, and evaluate how your new offering will stand up against what’s available. Where will you excel? Which companies or products are the greatest threat to a successful launch?