Benefits of Market Research prior to Product Launch
The success of any product or service that your company launches is dependent on how well it fills a need in the marketplace and whether or not your target audience chooses to adopt it. Due to production costs, advertising expenses, and the effect a launch can have on your brand, it is important to gather all of the information you can from your target audience ahead of time. Conducting market research online gives your business unique insight into the thoughts and perceptions of your intended consumers so that you can gauge sentiment surrounding your business and products.
Improved Customer Feedback
According to Help Scout, a typical business hears from only four percent of its dissatisfied customers. This means that for every complaint you hear a product or service, there are many more out there that are unhappy with your services, but don’t say anything to you. Since your goal is to please all of your customers and help bring new business to your company, you need to do what you can to sell items that they want and need. Conducting market research prior to a product launch allows you to connect with your customers in new ways.
Rather than waiting to hear about how your product is performing after it has been introduced, prior research gives you insight into how the product may fare in current conditions. Once you debut a product or service, there is no going back. Listening to the voice of your target market allows you to adjust your product or service as necessary before it becomes available to the general public. In addition, involving your customers in your development process improves your relationship with those that are most important to your overall success.
Reduced Business Costs
Making an initial investment in market research online can lead to a reduction in overall expenses for your company. When a new product is in development, the following costs must be considered:
- Product Casing
If your company is premiering a new service, you must be able to share the news with existing and prospective clients. In-store signage and awareness campaigns cost money and resources as well. During the market research phase of production, customers provide feedback on everything from product design, to packaging, to how they feel when they are shown advertisements. A soft test of your product can shed light on potential problems with how it will be received before launch day.
Focus groups that take place during the research and development stage can shape your team’s direction moving forward. You can be sure to be on the right track when it comes time to start offering your product or service to the masses.
New Ideas for Future Products
In addition to getting feedback on a product that you plan to introduce, market research ahead of time can give you new information that can be used to jumpstart your business in the future. Additionally, your team’s research may reveal emerging trends that you can capitalize on before your competition has the opportunity. A participant in your focus group may bring up new features or services that you currently cannot provide. As a result, you can put your development team to work on another new product that meets these needs so you can increase customer acquisition and revenue.
By understanding what your audience finds important, you will be able to decide on how to best promote your launch. You will understand the best tone to use for television, print, and radio advertisements, as well as any concerns your audience has that you can address and alleviate.
Next Steps for Businesses
In order to get ahead of the game and do what it takes to make sure you are launching the correct product for your company, you want to invest in focus groups and market research online. The expert team at e-FocusGroups will help your business conduct the research needed for your new product or service so that you can focus on development and your plans for distribution. It is important to have a dedicated team working on your account, because every detail is critical for your overall success. With over 20 years in the business, e-FocusGroups knows how to meet your unique needs and help you get the information and data you need to make the best decisions for your business.
Once you collect data from online focus groups and research into the wants and needs of your target market, you will be able to make any necessary adjustments to your product or service, as well as your marketing plan moving forward. Without prior research, your company risks introducing a product that costs valuable resources to produce, but ultimately sits on a shelf collecting dust.
- “75 Customer Service Facts, Quotes & Statistics,” Help Scout, n.p., n.d., Web, 9 November 2014.