The most critical point for the success of any marketing campaign lies at the very beginning — during a product launch. In the competitive world that we live in, it is the initial bang that generates interest.
Even if you manage an initial buzz, it can still fall flat in a short span. This can be all the more confusing for overseas companies from countries like the UK and Singapore. This is where Market Research Agencies in India come in. There are some crucial areas where research can be critical for the success of a product launch:
Knowing Your Market: Even when you think you understand your market, research can still throw up new facts, ones that often make a critical difference. Market Research here stresses on what motivates your local consumer, their lifestyles, desires and aspirations. The other important element is the competition. This helps in product positioning, price determination and overall strategy.
Knowing your Unique Value Proposition: For any product to stand out there must be a unique value proposition or as it is better known, USP. Most companies see this as a pertty obvious commodity. But often what they see as the best feature is not actually the UVP. Research can sometimes throw up some pretty unexpected surprises.
For instance, the launch of a new model of an automobile manufacturer was predicted to succeed for its sheer novelty value. But research showed that it was the inclusion of a cup holder by the driver seat that made it truly unique in a market saturated with similar models.
Test runs: An absolutely essential part of any marketing campaign is test runs. There are test runs for products, advertisements and communication campaigns. A Market Research Agency does not just rely on dry questionnaires. Research also includes passive observation and active interface in forums like MROCs. This is the key in finding out critical elements like flaws in product or service, identifying key areas of improvements and any areas of miscommunication between the company and its market.
Product launch is a critical point for the success of any venture. The services of a market research agency in India can help in knowing one’s market, USP and conduct test runs.