18 Jun 2020 | 0
Building new products helps companies to target new customers and new markets. A well-defined marketing strategy help to boost product awareness in the market. The most difficult part of marketing is generating sales. Today every day new products and services are getting launched in the market. Consumers want to get best product for their budgets. Therefore, it is important to keep researching the target audiences, competition and the changing market dynamics that will allow a company to keep its ears to the ground.
Here are a few scopes on how one can include research into NPD & marketing:
Pre Launch Market research- When a company launches the new products they always research the market for similar products and the competition. Market research help them to analyze the consumer expectations and the problems they are facing. Pre-Launch market research helps companies to assess the level of the problem that they are going to solve with their new product and to understand the success of that product in terms of market share.
Evaluate your products- Designing products while getting continuous feedback, from target audience, is the best way to evaluate a product’s success. Evaluating the progress of product development with the right communities of target audiences will enable improving the quality of the product and deploying the resources efficiently. When a product is getting built for a particular set of consumers, it will be valuable to include them during the process of development.
Get sample review: Reviewing samples helps to understand customer responses for a product. Sampling of products ensures marketing of the new product and early-adoption. Sampling is a good strategy to collect information about first impressions of the product, packaging, ease of use, repeat orders etc.
Marketing strategies Insights - A good marketing strategy is required to know the pulse of the market and its changing dynamics. Research before implementing a marketing strategy helps generate better sales for a company. Marketing strategies like product positioning, pricing, packaging and advertising can greatly benefit from research that is done before implementation of these strategies.
Create a unique value: Research not only allows a company to identify the differences between its own product compared to its competitor's product. It can be leveraged to find a product’s USP and create a unique value from that iteration.
NUUPER helps you to identify the target audiences when you want to build and launch a new product. With our DIY tools, talk to your target audiences directly. We curate these audiences for you, who match your requirement for demographics, behaviors, like & dislike, areas of interests etc. Save time and cost while you are building a marketing strategy or just want to understand consumer preferences.
A successful product always has a strong research at the core of it.