Tag: product research

Product research

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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What is Product Research and How is it Done?

What is product research?

Although technology plays a major role in bringing innovative products to the markets most of these products fail to achieve meaningful customer adoption. This is usually the result of developing products that do not serve much value to the customers. This challenges can be eliminated using product research. A product research process involves identifying market opportunities and gaining meaningful customer insights that will help businesses in better decision-making. Product research is one of the most vital steps in a product development process. Here, the product idea is carefully examined and compared to similar offerings in the market to understand the selling potential of the proposed new product. Efficient product research tools also help identify key issues in a proposed product and thereby avoid costly mistakes.

We at Infiniti provide tailor-made solutions to suit your needs. Request free brochure to know more!

Product research vs product development

Product development is a broader concept that involves the entire process of researching, designing, creating, marketing, and selling new products. It encompasses the entire product lifecycle starting from conception to the sale. This stage is not exclusive to designing, implementing, and selling new products, rather it can also include revamping of existing product features that could add greater value to the customers. Product research, on the other hand, is one of the first steps in developing a new product. This is concerned with the company’s R&D team testing the viability and feasibility of a particular product for a given market. Research and development for new or existing products are vital for the company’s long-term success and sustained growth.

Why is product research important?

Product research experts at Infiniti Research have listed out some of the key reasons why companies must take product research process seriously and their crucial role in the success of their product-to-market strategy:

Better understanding of customers

Who are the company’s target customers? What are their buyer personas? How often will the customers buy a particular product? An effective product research provides answers to such questions. Furthermore, this will help businesses meet customer needs and demands better than the competitors. The complete customer profile can be mapped using product market research, making it easier to determine the market size and identifying what triggers customer purchase. Furthermore, demographic (age, location, income, and gender) insights relating to the target customer can also be gained.

Get your product research on point using Infiniti’s product research solutions for business. Request a proposal to get more insights!

 

Gain insights on competitors

Businesses that want to stay in the game must be well aware of who they are competing against in the market and what their key strategies are. Using market research market competition can be easily identified and companies can also gain a better understanding on the customer perception of their product compared to that of the competitors. It also provides a clear SWOT of the company and how they can improve their products.

Product testing

Even though a product might be in its last stage of development, there might still be loopholes in its functionality that can be improvised to enhance user experience. It is difficult to stay confident that a product will instantaneously connect with the audience. Product market research will clearly define what marketing approach needs to be taken in marketing the product in such a way that it resonates with the audience.

Business growth

It is too optimistic to expect that a business is always going to run smoothly and free of challenges. There are chances of a sudden spike in competition or a dip in sales. The use of market research enables companies to capitalize on market opportunities and develop innovative products or a better pricing plan. It will also facilitate in discovering new market segments and distributions channels.

Conclusion

Three main components must be addressed by companies while undertaking their product research: the consumer, the market, and key competitors. Overlooking any of these could result in serious drawbacks in the company’s product research report. The ultimate goal of a product strategy is to better understand the product and potential changes it might take in the future. This could play a major role in revolutionizing an old product entering a maturity stage or developing a new and innovative product.

Market research supports the creation of a definitive product strategy which exceeds business targets. Infiniti Research’s product research solutions can help you attain that. With accurate data and analysis, we help develop your product strategy by identifying key markets for entry, surveying consumers, competitive analysis, and identifying underlying consumer trends.

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4 Key Reasons Behind the Growing Business Importance of Product Research

Any organization that invests a lot of effort and time into researching products is well poised to increase their knowledge and understanding of the business scenario. If any business has plans to launch new products or services in the market, it is advisable that they should never just hire a few people, put in some information, and carry on with whatever seems good. Any organization that possesses a serious business goal would definitely understand the importance of product research. Product research is an internal affair for any organization but they are free to seek any information they need from an external source. There are no single but multiple reasons for the importance of product research. But before delving into that, let’s understand product research in simple terms.Ask An Analyst_IR

What is Product Research?

Product research provides information on the specific and required characteristics of a service or a product. It helps companies to understand the needs of the customers in a much better way so that the required product can be tailored appropriately. This research can also help in filtering new ideas for the products. It is of immense help in screening and testing new ideas and helps reduce costs by avoiding investments in discarded ideas. This form of research basically answers the following questions:

#1. Whether the offered service or product will be successful in the market?

#2. What are some of the similar products present in the market?

#3. What are the best ways to start, develop, and sell your own products or services?

Importance of Product Research

Competitive edge

Organizations that perform regular research on products always excel in the global market and stay ahead of their competitors. Product research is expected to offer the highest professional benefit to any business that has well-defined objectives. Get More Info

Innovation

The growing importance of the product research also lies in the fact that it offers the scope of innovation that can help in developing technologies of high value. This can further help in developing a design as well as strategies for the organization.

Goal endorsement

It is always good to have clear business goals for the success of any products or services. For example, if the same product or service is provided without any goal to flourish, then there is a high probability that the business takes a back seat, or it could be simply left behind in the rat race. 

Benefits of Using Product Research Tools

#1. Product research tools help scan through thousands of products easily and find out which ones are very popular, widely available, and are actually selling.Request Proposal

#2. These tools also help in clearly defining profits and expenses through its snapshot feature.

#3. Product research tools help in scanning multiple marketplaces and the ongoing trends in such marketplaces easily.

#4. It also helps in saving money by understanding the requirement of the target customer and then avoiding unnecessary investments.