New Product Research
Top tips & tricks
A product that’s new can feel very intimidating. The uncertainty surrounding the details of the product and the main ways of using it is nerve-wracking. Product research and discovery do not have to be stressful experiences. Having top practices in store and applying them to the process will significantly contribute to turning your efforts into fruitful outcomes.
What is product research?
Product research refers to how you end up with a certain product idea and evaluate whether or not it will be successful. As part of the process, you analyze the key needs of your target audience, as well as the market demand. During product research, you need to ask yourself the following questions:
- will the product successfully enter and capture the market?
- does the product stand competition with similar products?
- how does the product need to be developed and sold?
1. Decide on product mission and vision
Bringing a product to life isn’t easy. That’s why you need to prepare as much as possible to understand better what you’re trying to accomplish and how you want to get there in advance. Perhaps, you want to contribute to digital transformation and help build top-notch websites. Or maybe you’re an environmental enthusiast seeking to help promote a green lifestyle. At this stage, it’s crucial to identify what it is that you’re ultimately trying to do with your product.
2. Research your target customers
Given that you have a strong mission that’s aimed at aiding your customers with your product, you need to research carefully your target audience and its main need and wants. In addition to analyzing why your customers would like to use your product, you also need to decipher their overall preferences and behavioral patterns to accommodate the future growth of your business.
3. Establish a strong problem
If your product isn’t solving a clearly defined problem, you should put more time into crafting one. To do so, it’s important to conduct market research and better understand the industry you’re entering. Your product should be fulfilling a certain market gap which refers to the consumer need that’s not met. Through more primary and secondary research, you’ll be able to get a better grasp of the market and key areas that your product could capture.
4. Be ready to fail
When it comes to researching a new product, you should mentally prepare yourself for failure which is almost impossible to avoid. There could be many blocks on your path to success and, regardless of how much effort you put in at the early stages of the process, it’s highly possible that some things won’t work out at first — that is the beauty of entrepreneurship. If you truly believe in your product and its role in your target market, it’s important to have a lot of patience coupled with a proactive attitude that will allow you to work hard on achieving great results and not beat yourself up over failure. New product research is a path and not an easy one, however, it’s most certainly worth it if you feel empowered by your idea and the potential contribution to society.