Generally a good market research makes the product launch successful. If you do proper market research then there is no reason for the product launch failure. Product launch failure is one of the things to take away you from your business. So every new product launch market research is the most needed pre launch process in the launch funnel.
Every business people have idea to create new product the first step is to engage with the market research regarding the product development idea and the audience for the product. But normally most of the product owner doesn’t do that so the end result is in product launch failure. The own product launch process explained here.
Many business people feel that they know their clients those who want to buy the product and promote it. So they no need to do market research for the product. But we know the market dates and the marketing people are two different categories to get the successful product launch. Checkout my 50 reason for the product Launch failure.
Individual product launch process starts with the market research because it gives the right time and right people to launch our valuable product in the market. Here I listed some major benefits of doing market research before the product pre-launch.
- Identify the Goal of the product creation
- Find the Place to sell your product
- Find the peoples to Buy the product
- Tracking the targeted Customers
- Getting feedback by interviewing the customer
- Reanalyze the customer feedback with group
- Competitor analysis with results
Each step makes major benefits during the product launch we will see one by one below.
First we need to analyze the market and find out the answer for what is the current issue among the customers in the competitive niche market by conducting surveys. This survey gets you to identify the customer problem in the market. Based on the parameters we have taken into the account for market survey.
We can find the most of the details from the customer. Once we found the customer problem we can easily find the goal of our product. From the number of problem we heard from the customers we must choose one which customer ready to pay for the solution.
Remember one thing our product must need to solve the customer problem. This was the ultimate goal of our product. We need to find the solution for the problem in different ways. One chooses the easiest one to develop our product.
We know every customer want the easiest way to solve their complex problem. Now the second process in the identification is to find what customers you want to target. There is different kind of customers with different reference. Based on the reference we can classify the customer into many divisions. The reference for the classification is one among the below.
- Attitudes and character
- Interests and hobbies
- Technical Knowledge
This classification will help you to find the different marketing strategies used sell the product among the customers. Depends on the above references each customer may look different angle in your product.
Our ultimate goal of the product is to solve the customer problem and we need to market our product with the same strategy how the different types of customers realize problem from their perspective.
Identifying the place means finding the demographics about the customers. The demographic information helps the promoters to find different way of marketing strategies to sell the product to different customers.
This step goes fine tune with defining your target people. Your product launch market research should be based on a specific set of demographics. Of course these could be based on age, education, income and others listed below.
- Marital status
These parameters will help the product owner to identify the location for the first launch. I know this information can be difficult to get, But when we go through something as simple as a zip code can give you a good idea about someone’s income or even education level of the customer.
So in some cases we need to find the indirect way to find the above parameters if we need not to fin the information directly.
By documenting this data during the purchase has made in the product launch will help you to finding the customer market research for the next product launch, you begin to create a demographic profile from the first launch for the new ones in the future.
Finding the people to sell the product we can find customers as well as promoter and affiliates to market our product. Customer oral marketing is the best method then finding affiliates to promote your product.
Now a day’s finding affiliate for the product is very easy because of the number of affiliate network and marketplaces in the online. These websites connects the product owners and the promoters at one place. And they will provide all back end operations like commission calculation for the affiliates and promoters.
Only thing we need to fix the commission for the promoters. At least 50% commission is needed for finding more number of affiliate for any product in the market place.
Once the customer satisfied with our product they will recommend our product to the nearby or their network peoples. So the oral customer marketing is the best way to make more sales. Now we have more different kind of customers.
We need to rank your customers or promoter by sales and then start with the top 60 percent or so. Then add in other customers who might be more reliable or who have purchased from you for a long time (repeated customer).
The second option is to study specific customers. They’re the ones who are always on the cutting edge when it comes to new products or ideas and can be a valuable resource.
This can research can be done in different ways the best method to use is really depends on the customer we are trying to reach the product.
For example, if you’re targeting people based on the profession like doctors, lawyers, and teachers then here we need to try the marketing method as using a personalized letter. This audience can be difficult to reach and any extra effort will go a long way with them. So we need to use different marketing methods for different peoples.
In most cases, online surveys will yield the most information. Companies such as SurveyMonkey, PollDaddy all offer affordable yet very rare options. So any time we can engage with the customer in any way, you need be useful for their valuable times spent over here.
When we do market research with the customers and targeted peoples we need to short the number of question less than 10. Then they can easily respond all the questions with effective manner. Not only do we improve the response rate of the market research.
But we can but have a satisfaction tat we have yield 5 -10 minutes of the customer time during the survey which helps them to be engaged with us.
Remember to be personal with your audience. After all, these are some of your best customers. The information that they are provided to you will give critical analysis about your market research this will give you hope for the new product launch success. Give those peoples to offer and rewards to engage with you.
Getting feedback from the customer after the organizational launch will give more ideas to finish your product in most satisfying product. The organizational launch of the product means before the pre launch we need to launch the product within the organization staffs. And collect the feedback from them.
In online we will send our product to the online reviewer before the product has launched in the market and getting feedback from them. After the successful review by the reviewer or affiliate we need ask some question about the product.
It is not easy to develop the questions we’ll ask our audience during your product pre launch market research. So we need to find less than 10 short questions about the product as truthful as possible as how they really feel.
Ask the customer about your product with no pre defined thoughts in your mind and take all the words from them and reanalyze the product strategy with the customer thoughts. This kind of conversation will allow people to tell you how they really feel about your product.
Finally you need to pick the overall thoughts about the product from the respondents with the options like excellent, fair, or poor when they’re rating your item.
The Main component of the market research is about what the audience really feels about your product. We need to ask from them and make improvement if we needed for the product development.
Re-analysis of customer feedback is very important for the improvement of product developments. We need to form a group of people for re-analysis. We would form another group called customer pre test group.
This group has the limited number of people in the organization. The question prepared for the customer feedback is asked to this group and the answer has collected and documented. This will be the first reaction for the product from the customer point of view. This group may contain friends and family members also.
But the feedback re-analysis group is formed by the organization top level manages and product development manages. They will discuss regarding the customer feedback during the pre launch and find the improvement steps for the betterment of the product from the customer satisfaction point of view.
This group people discuss about re modeling the product and marketing development and they will target the main launch audience for the product launch. Here we should remind things before creating your own product launch.
The most important part of the market research is the competitor product analysis. First we need to find the list of product available in the market for the same customer problem our product ready to solve.
Now list the advantage and disadvantage of each product in the competitor side. This will helps to highlight our product special features towards the customer. Every product has advantage and disadvantage in the customer point of view. Hide the 10 hidden things about your product that you don’t want to show to the customer.
Be careful while compare with the competitors product. First express our product benefits fully to the customer instead of telling much about the competitors’ product demerits.
Once we finished the research and interviews now it is the time to analyze the results of your new product market research. We have all the data collected from the market research now start analyzing the data and find the marketing methods to reach the customer.
If the market research has some uncovered things we need to delay the product launch time to finish the research for the successful launch.
Every business people wants the successful product launch no one want it to be fail n the first attempt. The more we know about what people looking for or our market need we will have clear steps to give it to the customer. So we need to go for Market research for the product launch.
If we are launching a product without clearly defined market research about targeted customer we will be in the risk of spending time and money on the own product development and launch. That won’t provide satisfaction to the customer who buying your product.
So the proper market research includes Identifying the goal of the product, and where we need to sell the product and find whom we are looking to sell the product. The customer interview and feedback about the product will give more confidence to launch the product in the market place.
Competitor’s product analysis with our product gives the best marketing strategies. Share your experience in Comments section.