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3 Ways Market Research can Help Build a Flawless Product Strategy

Most product failures and lack of customer adoption occur due to the lack of accurate data and research about the product, market, and the target consumers. This is a consequent effect of building a product that customers do not need or does not meet customer expectations. An effective market research strategy before product development can help businesses early in the product lifecycle to test value propositions and identify ideal customer segments, and also to hone the product’s usability and branding. A product strategy that is undertaken on the basis of adequate market research will play a key role in avoiding costly mistakes. Market research can also assist businesses in their product strategy by evaluating and identifying growth opportunities. Some of the key areas where a market research engagement can help in building an effective product strategy includes:

  • Differentiating the product from others in the market
  • Identifying how the product can solve consumer problems
  • Understanding how competitors address customer needs

In this article, experts at Infiniti provide a detailed account of how a market research study can benefit businesses to effectively formulate their product strategy.

Market research supports the creation of a definitive product strategy, helping exceed business targets. Request a free proposal to know more about how our market research solutions can help your business.

How market research can help in building a product strategy

market researchUnderstand consumer needs

An ideal product strategy must lay an increased emphasis on the needs of customers in the target market. Market research plays an instrumental role in identifying and analyzing these needs. This knowledge allows understanding the underlying customer preferences and the impact of the product strategy on the business. Products can then be customized to accurately meet the customers’ needs.

Identify market entry opportunities

Market research in product strategy can be used to evaluate the market entry prospects of a business. Whether a business is interested in markets with high growth rates, or a mature market that needs innovation to revitalize growth, research will help determine which market is a better fit. When entering a new market is vital to look beyond just market analysis and ascertain what the target consumers actually want. Market research study is one of the best ways to get solving this challenge while developing a product strategy.

Not sure on choosing the right product strategy for your business? Infiniti’s market research engagement can help. With data and analysis covering several industries in 100 countries globally, we help develop an ideal product strategy by analyzing key markets for entry, competitive analysis, surveying consumers, and identifying underlying consumer trends.

Evaluate competitors

Understanding competitor offerings is essential for businesses to differentiate their products from their rivals. The ability to grab customers’ attention as quickly as possible determines how successfully a business can compete in the market. Furthermore, effectively communicating how the business’s products are different for the better gives an added competitive advantage. Using market research brands can understand their top competitors in different product categories and also gain comprehensive insights on how concentrated the market is.

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Benefits of Leveraging a Product Marketing Strategy

Infiniti Research, a leading market intelligence solutions provider, has announced the launch of their latest newsletter on the benefits of leveraging a product marketing strategy. With the evolving market dynamics and rising customer needs and demands, businesses often face challenges in efficiently marketing their products and services. By leveraging a product marketing strategy, businesses can create targeted marketing and sales approaches to efficiently market their product and service offerings.

A CPG Company’s Secret to Success

With product delivery and marketing becoming more and more digitalized, ensuring consistency in brand management and marketing initiatives are becoming quite difficult for CPG brands. Owing to such challenges, a CPG company based out of the United States recognized the need to formulate an efficient product marketing strategy to drive value in their respective regions, brand portfolios, and product categories. The company also needed to cut down on their marketing spend, as well as required more insights into their target market.

Our recommendations helped the company to develop multi-channel campaigns to reach their customer base. Also, Infiniti’s product marketing strategy helped the CPG company to achieve 12% growth in net sales in the first year.

Infiniti’s Product Marketing Strategy Unlocks Spike in Product Orders

The surge in the prevalence of cardiac diseases has generated high demand for pacemakers which is driving the growth of the global pacemaker market. However, increasing healthcare cost, R&D expenses, and the complexities associated with the manufacturing of medical devices are still increasing challenges for medical device manufacturers to efficiently serve their customer base. In this context, medical devices companies, especially companies that are new to a market are finding it vital to invest in formulating an efficient product marketing strategy to reach out the end-users. Our client, a medical device manufacturer also went through the same dilemma. The company chose to partner with Infiniti Research, a custom market intelligence solutions provider, to leverage their expertise in offering product marketing strategies.

Infiniti’s product marketing strategy engagement helped the client to identify the product’s market potential and devise robust product marketing strategies. As a result, the company achieved a 37% increase in product orders.

Infiniti’s Product Marketing Strategy Elevates Sales and Productivity for a Food Company

There are limitless techniques to market your food products, starting from catchy cover and packaging designs to providing discounts and exciting offers. But, the challenge here lies in understanding your potential customers’ needs and identifying their purchasing patterns. This is where a company like Infiniti Research can make your work easier as it did for a major natural food company based out of the United States. Crippled by the lack of expertise and support necessary to build and deploy an efficient product marketing strategy, the company turned to Infiniti Research for a solution.

With our help, the client was able to devise a robust product marketing strategy. Furthermore, by leveraging our product marketing strategy engagement, the company was able to achieve their revenue goal within two years of launching new products.

Curtailing Marketing Spend for a Vegan Food Brand

Although veganism is poised for real growth in the US retail sector in the coming years, vegan companies will need to have an efficient product marketing strategy to reach their profitable customer segments. Our client, a US-based vegan company faced challenges in marketing their product offerings due to their unstructured approach to product marketing. Also, they faced difficulties in engaging with their potential customers and building brand awareness.

By leveraging Infiniti’s expertise in offering product marketing strategy, the vegan company was able to curtail marketing spend and efficiently manage their resources. As a result, they were able to reduce their total marketing spend by 27%.

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Enhancing Product Development Strategies for a Consumer Electronics Company – A Product Research Engagement

The world is quickly and constantly transforming with the advent of advanced technologies. This rapid pace of change has heavily affected the consumer electronics industry, which brings in the biggest and newest innovations every year. In this competitive business world, for product-oriented companies, it becomes imperative to launch new products to differentiate themselves from competitors and drive revenues.

New product development and marketing is not an easy task, especially when it comes to launching a new technology product. Given the multitude of new products available in the market, it becomes extremely difficult for companies in the consumer electronics market to set themselves apart from the global competition. This is where the real importance of a product research strategy is realized by companies looking to position themselves competitively in the consumer electronics industry. For over 15 years, Infiniti’s product research strategy has helped many organizations to formulate a smart approach and successfully introduce a new product in the market.

Launching a new product is a daunting task and can cost you dearly if you don’t plan them properly. Request a FREE brochure to know more about our services portfolio and to know how our product research engagement can help your business plan better product launches.

Business Challenge

The client is a consumer electronics company based out of the United States. The company employs around 11,000 people and has nearly 79 outlets. The client introduced a new product in the market, but, unfortunately, the product failed to succeed. The main reasons behind the product’s failure were the management’s failure to exploit new market opportunities and their inability to leverage digital platforms effectively. This failure subsequently affected the company’s sales rate and the company failed to make enough profits. During this time, the company lost about $7.8 million.

The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering product research solutions. With Infiniti’s product research solution, they wanted to introduce new products with good market demand. Also, they wanted to make improvements to their existing products lines.

Other challenges faced by the client included:

  • They were facing predicaments in analyzing their customers’ needs and technology adoption. by leveraging Infiniti’s solution, they wanted to identify products with the best market demand.
  • Due to the evolving customer attitude, they faced major challenges in positioning themselves in the market. Therefore, before launching new products in the market, the client wanted to analyze their target customers and build effective marketing plans to successfully sell their products to the intended customers.
  • Cost reduction was another major motive of the client. With the aid of an accurate product research engagement, the client wanted to reduce costs by using lower-cost materials, eliminating features that the market does not need, and by redesigning the product to simplify the manufacturing process.

Are you looking to simplify your product line and drive the best returns? Our experts are here to help! Request a FREE proposal to know how.

What is product research and development?

Launching a new product can be an exciting task for any company. Whether it is the first product the are offfering or an upgrade, the excitement associated with a new product launch cannot be undermined. However, before presenting new product to the masses, every company needs to perform a thorough product research to better understand the market demand.

The goal behind any organization investing time and effort in product research is to quantify or increase business knowledge. And if the business has plans to introduce new products in the market or try any new function, it won’t be wise on its part to just gather information about the product and market them. Rather, understanding the market requirements and competitor offerings can help better market the product.

Importance of product research

Gaining a competitive edge – Companies that undertake regular product research have a higher chance of succeeding in the global market compared to their competitors.

Manifold increase in sales – There is a direct and undefined connection between the efforts undertaken by an organization for product research and the performance of a company. Thus, it can be said that product research subsequently improves the sales rate.


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The Basics of a Product Development Strategy

What is a product development strategy?

The market today is far more competitive than it used to be probably a decade ago. Single product designs are becoming obsolete, causing revenues to falter. Savvy companies have realized that product evolution and modification are inevitable to stay at the top of the game in the industry. An effective product development strategy is essential for this. Let us first understand what it is.

Product development strategy definition

A product development strategy can be defined as a strategy that involves developing new products or making modification to existing products and then offering them to current or new markets. A product development plan or a product launch strategy is employed when there is no scope for growth in the current market with the company’s existing offerings. Here, the companies have three choices to make- create an updated version of the current product, introduce a new product, or cease the production of an existing non-performing product.

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Benefits of product development strategy

Product development strategy acts as a framework for introducing new products or for improving the performance, cost and quality of existing ones. One of the key product development strategy advantages is that it helps companies achieve their business goals including venturing into new markets, selling more quantities to current customers, or winning customers from competitors. However, a new product development strategy requires careful planning in order to minimize the risk of costly mistakes. Some of the other notable product development strategy advantages include:

Win business from competitors

An effective product development strategy proves to be helpful in winning businesses from the competitors who are unable to meet the new performance levels of the company. A product development plan also helps improve performance and thereby raise revenue and profits by charging higher prices. Gaining firsthand information from sales representatives or the consumers themselves will be useful in identifying the performance factors that are most important to the market.

Reduced cost and improved competitiveness

A good product development strategy should take into account the best ways to reduce costs. When the costs are lower, the company is at liberty to lower their prices and consequently win new business. Reduced costs also contribute to increasing the profit margin. How to achieve reduced costs? The product development teams can attain this by eliminating product features that the market does not need, using lower-cost materials, and simplifying the manufacturing process by redesigning that product.

Improve reputation and goodwill

The company’s product development plan must include targets for quality improvements. This helps boost sales. It must be also ensured that you deal with companies who have their own set of pre-defined quality standards. Making quality improvements as a part of the company’s product development strategy also makes it easier for companies to enter the markets with stringent quality and regulatory requirements.

How strong is your product development strategy?

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New product development strategy: Key questions to answer

Question #1: who will lead the new product development strategy?

Although a company might possess all the expertise and capacity required in developing a new product development strategy, there are chances that they might be consumed with other projects or lack specialized expertise to address specific challenges. A key component of a company’ product development plan will be to list out who will participate and how it will be managed. Companies can opt from the following options:

In-house: The product development strategy and the project management are executed by the company’s own resources.

Outsource: An external partner is employed to design the product, manage the process, and source and coordinate the work of additional suppliers. The company’s employees provide them with business oversight, identify requirements, and contribute feedback to the project.

Hybrid: In some cases, it becomes more feasible to manage the project in-house and then coordinating the work of a design firm and one or more suppliers. This is a mix of moth in-house and outsourcing functions.

Question #2: How to validate the product design?

Commercial failure is one of the biggest risks associated with a new product development strategy. Even if the product development is on-time and meets the specs and budget requirements, chances are that the sales will fall flat. So, throughout the product development lifecycle it is vital to seek validation of market demand, the product’s value proposition, and the product design and features. Some of the main strategies to achieve this include:

Crowdfunding: Use a popular crowdfunding platform depending on the product category. This may prove to be highly effective to promote your idea early in the development cycle, attract investment, and validate the appeal of the product idea.

Prototyping: Companies can use prototypes at several stages of the product development strategy to demonstrate the product idea, gain feedback, and secure lead customers.

Low-volume tooling: Major investments for hardware products include production tooling and setup. Companies can start by building less-expensive, short-life tooling for a low-volume production run of your product in order to facilitate a market test.

Question #3: What is the best business model for acquiring customers?

The company’s customer acquisition and revenue models may have implications for the product design. Products that work on modern technology such as IoT consist of ecosystems of hardware, applications, connectivity, data storage, and data feeds. This expands the company’s range of possible business models, here are the options you need to consider:

  • Subscriptions for data feeds, storage, or hosting
  • Opportunities to increase user engagement and the network effect, exposing
  • Purchase, lease, or metered usage for hardware or application components
  • Free basic functionality with paid upgrade opportunities
  • Recurring revenue opportunities through consumables, maintenance, and upgrades

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Everything you Need to Know Before Developing a Product Segmentation Strategy

 What is product segmentation? 

A product segmentation strategy helps businesses identify ways to sell variations of their products in such a manner that it appeals to different markets. How is this different from a marketing segmentation? Marketing segmentation involves identifying various target markets for creating different messages for selling the same product to each group. The primary aim of a product segmentation strategy becomes evident when you realize that by slightly changing your product, the potential to increase sales becomes higher.

How to undertake a product segmentation strategy

Analyze the market

An ideal product marketing strategy must include methods to identify factors that make people want to purchase a particular product. For instance, brands can take the help of focus groups or surveys to find out what people like about their product and the scope of improvement that would make it much more desirable and eventually prompt them to purchase. The needs of each target groups of customers might be different. It is essential for businesses to identify the ones which are viable and incorporate the same into their offerings.Get More Info

Use marketing segments

Brands can use various types of product segmentation to appeal to customers, one of the best ways to do it is to focus on the already existing customer segments of the business. This also helps to identify market segments that aren’t buying from the business and formulate different product variations that could induce a purchase from them.  If the company sells products via the Internet, then it becomes much easier for them to offer customization options of products to the customers in order to meet the needs of different groups better.

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Use distinctive marketing communication

Brands must ensure that they adjust their marketing messages accordingly to suit the product that they intend to promote. For instance, the marketing strategies used for selling a children’s snack should be different from the strategies used to promote snacks that are healthy and recommended for adults.             

Types of product segmentation strategy 

product segmentationMass market strategy

This is one of the easiest types of product segmentation wherein a common offering is made throughout by the brand irrespective of their target customers or difference in geographic locations. One of the key advantages of this product segmentation strategy is that the company receives a great economy of scale advantages since its factories are manufacturing the same product with the same materials and no additional customizations are required.

Large segment

Large segment product segmentation strategies are more specific and require a significant investment to compete successfully in every available market at the same time. A company can specialize in making one type of product which allows them to eliminate an unprofitable segment or target the segment where it has the greatest advantage.


In this product segmentation strategy, a company targets more than one market segment. For instance, A chemical brand can make many brands of detergent just by changing the concentration of the chemicals used for each specific market. The company runs a separate advertising campaign for each product, and customers in a different region may not even know that these products are made by the company. This method is intentionally used by some companies to protect the reputation of their higher-end brands.

Niche strategy

Niche segmentation is one of the popular types of product segmentation wherein the company’s products are made to suit the needs of a specific and highly specialized target customer group. This is one of the most effective types of product segmentation that can be used by a smaller firm to compete with larger counterparts in the market. Though a niche forms only a small part of the market, higher-end products are sold to this segment which compensates for this factor.

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5 Steps to Follow if Product Development is on the Cards for Your Business

The need to diversify and add new product lines into your business or modify existing products is an essential element of growth for most companies. But the catch here is that product development is not a piece of cake. An immense amount of research, planning, time, money, and effort are channeled into product development. Hence, companies planning on developing a new product or modifying existing ones must ensure that they undertake calculated planning rather than jumping the gun before to a product launch. In fact, according to experts, the failure rate for a new product launch is often as high as a whopping 90% in some sectors. To increase the odds of your product not having to face the same fate, here are five product development steps to follow:

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#1: Identify an opportunity

The starting point for any product development should be to identify the needs of current and potential customers, their level of satisfaction with the competitors’ offerings, their consumption habits, and the technical possibilities for improving the existing products. To achieve this objective, it is vital for companies to have managers with considerable experience and a strategic vision of the company, the clients, the competition, and the suppliers. When you identify a gap between what is being offered and what the actual demands are, it sparks the idea for a product launch.

#2: Measure the opportunity

Once information on market trends and the strategic objectives are gathered, the next step is to analyze the segments that the product is geared toward and predict future buying habits as accurately as possible. Companies can also rely on several product development tools that can help them identify the needs and systematically group them by established criteria.

# 3: Build the concept

In this phase, the new product idea is refined to serve the needs of potential clients and differentiate products from the competition. But how can businesses achieve this? To deal with this situation., begin with getting opinions from leading users who may foresee future needs in the market. Furthermore, build a team with expertise in various disciplines. This includes design and production people for the technical requirements, marketing experts for reaching out to customers, and finance and management experts for determining the funds that are available.The ultimate aim of this step is to stand out from the competition, satisfy the client, and show the highest potential for turning a profit.

# 4: Create a prototype

Testing is an essential step in determining the likeliness of a product to succeed or fail after the product launch. Creating a prototype will also help identify the flaws in the product and make the necessary changes before it is too late. This phase will also help the company to analyze whether a there is a healthy equilibrium between the launch cost and the product’s capacity to return a profit. It is advisable to keep in mind that investing in cost reduction at an early stage can increase profitability in the long run. Cutting down product prices can boost market share, which, in turn, trims distribution costs and discourages the competition.

#5: Product positioning and product launch

Once the product is designed and studied thoroughly, the next step is to decide on its strategic positioning. This is concerned with how you want potential customers to perceive the product? This stage needs to take into account economic factors and functional and emotional factors. Companies should identify how they can create an impact in the minds of the customers regarding the product. This will act as a primary driver for customers to buy the product after the product launch.

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