Most product failures and lack of customer adoption occur due to the lack of accurate data and research about the product, market, and 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. 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 include:
- 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 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 solutions can help your business.
How market research can help in building a product strategy
Understand 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.