Ways of Product Market Research – How Not to Do It

product market research

Every expert in the business world will agree with the important being put on understanding the customer emotions and behavior patterns. Apart from their own profit, entrepreneurs embark upon a new business venture with the motive of serving the underserved customers. This mission cannot be fulfilled if the business owner is not aware of the exact things that the customers demand from a particular product or service. It also a known fact that market research is a suitable tool to understand the exact nerve of the consumers. However, some researchers fail to recognize the stop line, which takes them overboard with their ways and techniques of performing product research. Naturally, one needs to understand where to stop and learn the ways to avoid the most basic yet grave mistakes, which may divert the basic goal of analysis.

Do not Go Overboard

Product testing and testing for new ideas is a common practice in market research. This process is often followed by rigorous brainstorming sessions. The information collected through both these methods holds essential value in terms of building the data and analyzing it later on. While analyzing this entire data, research team need to establish the difference between useful and useless information in terms of aim of the analysis. Spending large amount of time, money and efforts on gathering the data might prove pointless if you fail at the basic stage, which is brainstorming. According to experts, the transition period between the phases of brainstorming and actual product testing is vital. Hence, short listing the right ideas is vital. In contrast, market research company presents all the ideas to the customers, who then in turn get confused and choose the ones that have never been on priority for the organizations.

Right Kind of Testing

Product testing is a very useful process of business research, which takes the entire analysis far away. It gives away valuable details about the customer temperament, behavior, thinking and requirements, making testing suitable for various aspects of the industry. You can perform it for names, products, tastes, concepts, feature lists, flavors, colors, delivery techniques, quantities and all the other aspects involved in the production process. However, optimizing the choices is vital, which can be done by showing options in groups rather than separated. Customers will go through the sets of options on their own and will be better at making choices on collective basis. Consumers can easily recognize the kind of changes that they might want in the product, which makes your job as a researcher, easier.

When you optimize the lists and then present them to the customers, they can easily do the task of choosing the favorites and suggesting the changes. Such small practices save a lot of time and resources and assists collecting better data for strong, accurate and reliable market research reports.

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