Why Market Research Consulting is Vital in Product Development

Timely, well-planned and executed market research consulting can be critical in product development. It aims to demystify the market mindset and the required changes for optimal growth. 

Product development usually encompasses two aspects –– launching a new product or bringing improvements to an existing one. It can be seen as the natural cycle of any product –– from its launch to its old age. In the context of today’s ever changing market, planned product development is not a marketing fad, but a critical requirement.

Market research can play a crucial role in product development. Big companies spend millions of dollars through their R&D departments for just this purpose. Market research consulting is another affordable alternative. But first let us see how a consultant can help in product development.

The idea

Research must begin even before the launch of the product. Though some products may come into existence as accidental discoveries/inventions, for other more planned product launches an initial research is essential. A consultant will research on market expectations. What do people want? Are there any unmet needs in the field that can be plugged by the new product?

Where a new product idea already exists, the market research will focus on the desirability of the product. The research is aimed to gauge the demand and potential of the product.. Sometimes, it can also show up slight modifications that can make a product significantly more desirable.

Other than this, research also focuses on present competition. What are the competing products and how are these performing? Is there a scope for newer products? How is your product better than the competition? Surveys focus on little details like pricing and demographics.

Evaluation

Market research consulting firms routinely carry out detailed survey on a product’s standing in the market. In the present dynamic market, this is extremely crucial as it can throw up some lacunae in the product performance. However, the main aim here is to gauge the position of the product and how to increase its market share.

Market research is also focused on little modifications that are required to enhance product performance or meet any consumer demands. For instance, a furniture company’s may find out need for customized furniture and quick deliveries.

Deciding on the end

While some products live on forever, many products have a definite life. Here qualitative research often focuses on newer, unexplored markets where the product can still find life. For instance, many European and American cars find buyers in new or third world markets.

Market research consulting is a continuous process, designed to chart the course of the product, from its very idea to its old age. Careful, timely and well done research will support its growth and predict changes before the market demand them. 

Ref:-http://www.coralresearch.in/blog/2015/10/03/why-market-research-consulting-is-vital-in-product-development/