As colorfully noted by Entrepreneur.com, launching a new product into the marketplace without conducting rigorous product testing market research is like “jumping off a cliff into the sea, blindfolded -- unthinkable, life threatening, treacherous and unnecessarily risky. Many new ideas and products are successful because their creators identified an unmet need in the market and verified the viability of that concept.”
Indeed, the history of business is overloaded with tales of innovative and often groundbreaking products that, nevertheless, failed to find a sufficient following in the marketplace. Even more tragic for the businesses behind these visionary products, is that it is typically not long before another business launches a product that may even be relatively inferior, yet generates huge profits thanks to that all-important piece of the puzzle: product testing market research.
Below, we highlight 10 key product testing market research insights that can help put your product launch on-track for short-term adoption and long-term profitability:
- The current and projected demand for your product in various marketplaces (local, regional, national, international, offline, online, etc.).
- The types of customers that are willing to purchase your product (includes both demographic and psychographic insights).
- What features and benefits resonate most with different buyer personas, and the degree to which your product aligns/does not align with them.
- Potential strategic partners that could help promote and/or sell your product (co-branding, affiliate, channel partners, etc.).
- The most effective channels and touchpoints to market and advertise your product (online marketing, trade show, print, broadcast, etc.)
- How much customers are willing to pay for your product, and any optional purchases (maintenance, financing, extended warranty, professional services, auxiliary products, etc.).
- Who and where your direct and indirect competitors are, the size of their market share, and how they are perceived in the marketplace.
- How, where and when customers buy similar products.
- What, if any, government regulations your product will be subject to (local, state, federal, international).
- Potential value engineering possibilities that would allow you to manufacture your product at a lower cost.
At the same time, product testing market research is invaluable for identifying the optimal marketing, branding and technical messages that will connect your product with intended target customers. This valuable information can support content and collateral (e.g. websites, product documentation, brochures, etc.), sales training, customer service scripts, and more.
To learn more about the value of product testing market research, contact the Communications For Research team today. You’ll speak with our co-CEO Colson Steber, who has helped many businesses through the product testing and product launching process. After getting an understanding of your business and your goals, he will put together a market research plan customized for your business.
For more information on how to communicate the value of market research to your clients, download our FREE eBook: