A guest post by Gloria Martinez (gloriamartinez@womenled.org)

At the end of the day, running a business comes down to managing the challenges and opportunities in front of you. And making wise decisions about your products or services is a crucial factor in the success of your company. 

Enter market research. Gathering insights about potential customers can help you develop a product that caters to their needs and preferences. And Development Corporate has shared some tips and tricks for conducting successful market research before releasing your new offering!

Attract High-Quality Participants Through Incentives

Recruiting people to participate in your market research is one of the most important aspects of the process. But getting people to take the time to participate can be a challenge, especially when you’re asking for their feedback on a product. One way to tackle this problem is to offer incentives.

Many businesses offer cash, prepaid cards, gift cards, or other forms of compensation. Incentives not only increase the likelihood of people agreeing to take part in your study, but they also help attract high-quality participants who are genuinely interested and invested in your product.

Study Your Rivals

Another crucial step in market research is to study your competition. Understanding what other companies in your industry are doing, the products or services they offer, and their marketing strategies can give you valuable insights to inform your own decisions.

Analyze your rivals’ strengths and weaknesses to identify gaps in the market you can fill with your new product or service. Or, simply find ways to refine your product so it stands out from the crowd.

Automate Your Research

Most market research involves gathering and analyzing data. But manually conducting surveys or interviews can be time-consuming and tedious. Consider using tools or software to automate your research and streamline the process.

For example, you can use online survey platforms like Zoho Survey or Jotform to create and distribute surveys; you can then analyze and visualize the results immediately. Using the right platform will save you time and effort while ensuring your data is more accurate and reliable.

Make the Necessary Changes to Your Products

Informing product development is a primary objective of market research. By gathering feedback and insights from potential customers, you can discover where your product falls short and make the necessary improvements.

This 3D modeler has revolutionized the way companies design digital objects. Using real-world materials, you can quickly design intricate models and test them out before making any modifications, keeping your design process efficient and accurate from start to finish. Depending on what the research reveals, improvements may involve anything from minor tweaks to major overhauls.

Put a System in Place for the Future

Market research is not a one-time event; it’s an ongoing process to incorporate into your overall business strategy. It’s essential to establish a system for conducting regular research so that you can continue to gather insights and keep up with changing trends and preferences. Set up quarterly surveys, hold focus groups with different demographics, monitor social media trends, and find other ways to track your customers’ pulse.

The Bottom Line

Launching a product or service that flourishes on the market is difficult — if not impossible — without conducting effective market research beforehand. You need incentives for your participants, insights into your competitors, research efficiency, and tools that help you along the way. 

Of course, you also need a system in place that keeps your business positioned for long-term success. Following the tips above will help you create a product that resonates with your target audience and ultimately drives your company to growth and success!
Would you like to read more helpful content or learn about our project management services? Visit DevelopmentCorporate.com today!

Also published on Medium.

By John Mecke

John is a 25 year veteran of the enterprise technology market. He has led six global product management organizations for three public companies and three private equity-backed firms. He played a key role in delivering a $115 million dividend for his private equity backers – a 2.8x return in less than three years. He has led five acquisitions for a total consideration of over $175 million. He has led eight divestitures for a total consideration of $24.5 million in cash. John regularly blogs about product management and mergers/acquisitions.