It’s very easy in the early days of product development to get caught up in your own brilliant idea and become so focused on it that you ignore the very people who matter most; your potential customers. However vital product development is, it’s not successful without research at every stage of the process.
What is market research?
Market research is, to put it simply, the process of researching what your target market is looking for. It’s an organised effort where businesses consult their potential customers about what problems they face, how their product can solve them and if it’s something they would want.
It is a vital part of product development, but something many forget about.
In truth, market research is a process that should be undertaken at many stages throughout the life cycle of your product. You must consider that the world is constantly evolving and so are the needs and expectations of your audience.
How does market research help at the different stages?
At the pre-birth stage of your product, research serves to establish the problems that you are seeking to solve; the deeper you can go in this understanding, the better.
The more research at the beginning of your product development journey means you can manufacture and create a product better suited for customers. This is in turn makes you better equipped to grow your business.
During the development stage, research is helpful to make sure you’re still on the right track. As mentioned, the market evolves quickly, as do customer needs. If you don’t patent your product at the beginning of development, there’s the potential of another company developing a similar idea first. Continuous research allows for better quality products that customers will need.
How has research helped in the past?
Throughout history this process has helped to shape the products that we see today, throughout different industries.
William Conner, a medical salesman, sought out surgeons to find out what exactly it was that they needed. He discovered they were struggling to cut the ligament during eye operations. This was an incredibly risky process.
With his understanding of product development and new research, Conner discovered an enzyme would dissolve the ligament entirely, providing a perfect solution to his target customers’ problem.
Solving your customers’ problems, filling a need in the market, means that you can provide products that will sell and this is vital to growing your business.
Do you need guidance asking the right questions to the right people? Let us help you; connect with us today to arrange a free and bespoke strategy meeting to get your product to market, quickly and using the most cost-effective processes available. You can contact us here!