A Market Research in the right direction and with the help of an experienced Market Research Analyst can help reduce the chances of failure and pave a winning path for a ‘New’ product launch or an ‘Old’ products re-launch.
In Product Development, Market Research (mix of both qualitative & quantitative) comes in as a very handy tool to assess market potential and ensure a deep-rooted product/concept, by helping with accurate need analysis.
Need meets Demand’ and ‘Product meets the Needs – Products and concepts of innovative nature are difficult to be researched, owing to their intangibility. An experienced Researcher can help with this by bridging the gap between the new product development opportunities and the unmet needs of the buyer or the potential users by educating the Target audience and implanting the seed of it.
Market research may be regarded as an experiment which can be unsuccessful if not conducted under the right and suitable conditions. Bottom-up approach of ‘Needs Assessment’ and ‘Concept Screening’ is more successful that the Top-down approach of trying to fit and create acceptance of a new product or concept into the current market.
Concept Development to the Product Launch – The Market Research can be a part of the Product development at various stages from ‘Egg implantation into the mother’s womb’ to the final ‘Delivery of the baby’.
Time is Money – Timely research with high budgets can sometime prove much productive than a long-term but well-budgeted Market research, because of an early launch and ‘the first mover’ advantage.
Customer is the King – Retaining the existing Market share and the users is very important and critical to an organisations’ health and well being. Research helps in listening to consumer demands, invest in product development, innovation and improvement; and thus, make the customer feel important by being heard; which in turn rewards you with customer loyalty and an increased customer base.
Penetrating New Markets – Market Research helps find new markets for some old products or helps develop strategies for brand re-positioning or, rejuvenates the product life cycle by helping study the underlying needs of consumers.
Market Research Analyst is at core of market research and has to use self-analysis, expertise and judgement; in addition to other research tools available for planning a successful launch of a New Product.