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. Contact us for personalized solutions.
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. The market study is one of the best ways to get solving this challenge while developing a product strategy.
Not sure about choosing the right product strategy for your business? Infiniti’s 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.
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.
Request a free brochure to learn more about Infiniti’s market research solutions.