Identify Customers by 7 Market Research Strategies for a New Launch

The market research strategies help capture the market, providing leads for the product launch. Then, using the right sales funnel, we can convert them to the customer for our business. Here we will discuss 7 strategies to perform market research.

Generally, good market research makes the product launch successful by identifying the real customer for our new product. 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 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 an idea to create a new product. The first step is to engage with the market research regarding the product development idea and the audience. But usually, most of the product owner doesn’t do that, so product launch failure. The own product launch process explained here.

Many business people feel that they know their clients 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—check out my 50 reasons for the product Launch failure.

How to Identify our customers by market research?

The individual product launch process starts with market research because it gives the right time and right people to launch our valuable product in the market. Here I listed some significant benefits of doing market research before the product pre-launch.

· Step 1: Identify the Goal of the product creation

· Step 2: Find the Place to sell your product

· Step 3: Find the peoples to Buy the product

· Step 4: Track the targeted Customers

· Step 5: Getting feedback by interviewing the customer

· Step 6: Re-analyze the customer feedback with the group

· Step 7: Competitor analysis with results

Each step makes significant benefits during the product launch; we will see one by one below.

Identify the Goal of the product creation

First, we need to analyze the market and determine 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 account for the market survey.

Customer surveys To Find the Goal

Customer surveys to Find the Goal

We can find 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 the 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. It was the ultimate goal of our product. We need to find the solution to 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.

· Economy

· Personality

· Attitudes and character

· Values

· Interests and hobbies

· Lifestyles

· Technical Knowledge

This classification will help you to find the different marketing strategies used to 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 the problem from their perspective.

Find the Customer place to sell the product

Identifying the place means finding the demographics of the customers. The demographic information helps the promoters find a different marketing strategy to sell the product to different customers.

This step goes fine-tune with defining your target people. Your product launch market research strategies should be based on a specific set of demographics. Of course, these could be based on age, education, income and others listed below.

· Age

· Location

· Gender

· Marital status

· Occupation

· Religion

· Income

· Education

· Language

These parameters will help the product owner to identify the location for the first launch. I know this information can be challenging 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 the education level of the customer.

Customer Demographics

Customer Demographics

So in some cases, we need to find the indirect way to find the above parameters if we need not find the information directly.

Documenting this data during the purchase has made in the product launch will help you find the customer market research for the following product launch; you begin to create a demographic profile from the first launch for the new ones in the future.

How to target the peoples to sell the product

Finding the people to sell the product, we can find customers and promoter and affiliates to market our product. Customer oral marketing is the best method than finding affiliates to promote your product.

A day’s finding an affiliate for the product is straightforward because of the number of affiliate network and marketplaces online. These websites connect the product owners and the promoters in one place. And they will provide all back end operations like commission calculation for the affiliates and promoters.

The only thing we need to fix the commission for the promoters. At least 50% commission is needed for finding more 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 per cent 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.

How to Track the Targeted customers

we can do this research in different ways; the best method depends on the customer we are trying to reach.

For example, if you’re targeting people based on doctors, lawyers, and teachers, we need to try the marketing method as a personalized letter. This audience can be challenging 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 SurveyMonkeyPollDaddy all offer affordable yet scarce options. So any time we can engage with the customer in any way, you need to be helpful 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 to less than 10. Then they can quickly respond to all the questions in an effective manner. Not only do we improve the response rate of the market research.

Track the targeted People

Track the targeted People

But we can but have a satisfaction that we have yield 5 -10 minutes of the customer time during the survey, which helps them be engaged with us.

Remember to be personal with your audience. After all, these are some of your best customers. The information provided to you will give a critical analysis of your market research. It will give you hope for the new product launch success. Give those peoples to offer and rewards to engage with you.

Get feedback by Interviewing the customers

After the organizational launch, getting feedback from the customer will give more ideas to finish your product in the most satisfying product. Before the pre-launch, the organizational launch of the product means we need to launch the product within the organization staff. And collect 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 to 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 ten short questions about the product as truthful as possible as to how they feel.

Ask the customer about your product with no pre-defined thoughts in your mind and take all the words from them and re-analyze the product strategy with the customer thoughts. This kind of conversation will allow people to tell you how they 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 insufficient when rating your item.

The main component of the market research is about what the audience feels about your product. We need to get feedback from people and make improvement if we needed in the product development.

Re-analyze the Customer feedback with a group

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 the 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. It will be the first reaction to the product from the customer point of view. This group may contain friends and family members also.

Feedback Reanalysis with a Group

Feedback Reanalysis with a Group

But the feedback re-analysis group is formed by the organization top-level manages and product development managers. They will discuss the customer feedback during the pre-launch and find the improvement steps to better the product from the customer satisfaction point of view.

This group of people discuss remodelling the product and marketing development, and they will target the primary launch audience for the product launch. Here we should remind you of things before creating your product launch.

Competitor analysis with Market results

The most important part of the market research is the competitor product analysis. First, we need to find the product available in the market for the same customer problem our product is ready to solve.

Now list the advantage and disadvantage of each product on the competitor side. This will helps to highlight our special product features towards the customer. Hide the ten hidden things about your product that you don’t want to show to the customer.

Competitor Product Analysis

Competitor Product Analysis

Be careful while comparing with the competitor’s 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 is the time to analyze your new product market research results. 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.

Conclusions

Every business people wants the successful product launch no one want it to fail n the first attempt. The more we know about what people looking for or our market needs, 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 the targeted customer, we will be at the risk of spending time and money on the own product development and launch. That won’t provide satisfaction to the customer who is 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 the Comments section.

FAQ – Market Research Strategies

What are market research strategies?

We need to create plans for capturing the market or identifying the customers to sell the product with a team. It includes a promotional and analysis campaign to achieve the goal. The goal of the market research strategy is to identify the customer and capture the market from the goal of the product creation. 

Why do we need market research strategies?

The market research strategy is helping to reach the right customer with the product. Most importantly, in which ways the product affects the customer activities and makes them grow. We need to focus on the problems that customers try to solve with the product and promotion team. The promotion team may use many strategies to reach the customer based on product goals and customer behaviour.

How to implement market research strategies? 

The strategy is implemented by educating the problem that our product deals with promoters. Then, make them create strategies to reach the customer affected by the problem with demo and geographics. Then, target them in marketplaces and social media with the best marketing campaigns to capture the market. If you do it right, the customer will follow our campaign for the solution.

What should I Get if I use market research strategies?

We can use as many marketing plans and procedures as, it helps capture the market and increase the leads for the product. Then, using the right sales funnel, we can convert the leads into customers for the products. The 7 strategies help capture the market and provide leads for the product.

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