Market Research for New Product Development 

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Market Research for New Product Development 

Undeniably, suppose a company wants to be successful in the long term. In that case, it has to engage in a new product development process to introduce new products and satisfy its customers’ needs. A new product development process includes an array of steps taken by a company, starting with the conception of a new idea all the way through its successful commercial launch. This article introduces market research for new product development. 

New idea

However, every day countless new business ideas are daily, yet many fail to capture the market. Identifying lucrative opportunities is a must before beginning a new product development process. By providing an in-depth understanding of the market’s aspects, including market viability, product demand, the target audience, and the appropriate way to position, price, promote, and market the new product. Market research for product development, whether new or existing, is an important step to ensure the launched products hit the mark in the market. 

Quantitative & qualitative

There are two types of market research – quantitative and qualitative. Quantitative research focuses on things that can be measured; however, qualitative research gives context to the numbers. How many people are interested in a product that fall under quantitative research? But why they are increasingly interested in a significant product is under the category of qualitative research. 

First three steps

The following are the necessary steps for conducting market research:

  • A deep insight into buyers’ persona. This is necessary before understanding the customer’s buying decisions. The buyer or marketing persona is a fictional representation of key customers. This helps identify a group to engage in conducting market research.
  • Define a scope around research objectives. So you can decide where you will need secondary data. And simultaneously isolate a need for primary data.
  • Identify competitors whose products or services overlap with yours. And then determine the companies’ promotional approaches to market their products. At this point, assess your own marketing strategy. But also, How Can Market Intelligence Help Your Sales and Business Development?

Product development process

Next comes the new product development process. Every product goes through the following key steps:

  • Idea Generation: Isolate a list of customer needs, new product development begins with brainstorming and researching ideas. The purpose of idea generation is to create ideas as much as possible. 
  • Idea Screening: This step is for finding good ideas and dropping the poor ones. Choose the ideas that are worthy of investment. A quick strengths, weaknesses, opportunities and threats (SWOT) analysis of the product finalists can help identify which idea to pursue.
  • Marketing Strategy Development: Successful marketing strategies can directly impact the product’s success. It is essential to find the target audience and determine an advertising approach. 
  • Business Analysis: This step involves a detailed review of company costs, sales, and profit projections for a new product to determine whether the company is satisfied with its objectives.
  • Product Development. The concept converts into a physical product after finalising the strategies. This stage involves large investments in R&D activities. 
  • Product Launch or Commercialisation. The last step in the new product development process is launching and implementing your product on your website.  

Market Research for New Product Development

This article introduced market research for new product development. Therefore, never underestimate the power of market research when developing new products, as it is essential to lift your business to the next level. And here is a relevant article which may be of interest to marketing research analysis introduction.

Written by: Suchita Gupta 

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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