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Do you have a new great idea that you would like to put into practice? Congratulations! However, before you start launching your product or service, you need to do a thorough research to find out:
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- Can a product or service be successful.
- If there are similar products on the market
- What are the best ways to develop, produce and sell your own.
This is product research and is an important step in new product development. Throughout each phase of the product development process, you can conduct product research to help you identify key issues and help avoid costly mistakes.
Initial product research will help you evaluate your idea for a new product and service and see if there is a need for it and what your potential customers are looking for. If your product or service already exists, a product survey will show you whether available options in the market meet the needs and expectations of existing customers. This way, you can learn what you can differently to meet needs and expectations, but also to outpace competitors.
How to Conduct Product Research
So how do you conduct product research? For starters, you can look around and see what’s available in the marketplace by shopping, watching ads in magazines, newspapers, television, and online. Once you understand what the market has to offer, you need to find out if there is a need.
Then you should do a survey: it could be an online survey, a telephone survey, a face-to-face interview, or perhaps a paper survey in which respondents receive a survey sent by regular mail. Respondents may not appreciate this, as this usually means they will need to send you answers via snail. Online surveys are a great way to research products at a low cost, and they allow you to see data samples faster.
One of Steve Jobs’ famous quotes reads: “It consumes consumers to know what they want.” There is certainly some truth to this claim, but the results of the product research report remain an important basic measurement. While the results do not guarantee that your new product or service is successful, they do give you insight into what customers are looking for, which in itself is very useful.
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