It is firmly established that market research is an essential part of successful product development. Since many businesses do not have the internal resources to conduct high quality, reliable market research (even large enterprises often outsource this function), the key question is: when should market research companies get involved in product development?
Simply put: the right time for market research companies to get involved in product development is at the beginning. This is because the basis for product development – i.e. the problem that a business wants to solve – should be fundamentally driven by high quality market research. It is the map that points the product development process in the right direction.
With this being said, some businesses cannot launch market research ahead of their product development process. A product might already be in the works or they may have an existing product that they wish to innovate in order to create a new use case, which could also mean targeting a new customer base.
For example, a software company that has traditionally targeted engineering firms may realize that its solution, if re-purposed, could be useful for architects or consultants. Instead of building a new product from scratch, they may want to hit the ground running with what they already have and make some adjustments.
So whether your product development has recently begun, is well underway, or may be finished, tapping into the expertise and resources of reputable, top-ranked market research companies as soon as possible is vital and valuable. For example, leveraging various data sets (focus groups, interviews, social listening, etc.), businesses can glean:
- How to position and price their product relative to the competition, in order to generate a strong, sustainable competitive advantage and ensure profitability.
- How to train and support their sales force, so that key product specifications and features can be emphasized. This also ensures that customer concerns and objections are anticipated and ready to be addressed.
- How to support their product with additional solutions, such as professional services, add-ons, and other offerings that are not just profitable, but help make the customer relationship “stickier” – which is extremely important. As noted by KISSMetrics.com, customer acquisition is 700% more expensive than customer retention. Finding ways to keep customers on the roster is an organizational imperative!
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At Communications for Research, we are one of the nation’s most respected market research companies. Our expertise is in managing research logistics and executing the data collection process. We use proven strategies, comprehensive systems and advanced technology to empower our clients with actionable intelligence, which ultimately puts their products – and their organization -- on track for maximum profitability and ROI. To learn more, contact us today. We are happy to provide accurate, concise, and complimentary feedback on your existing research plans or discuss new research ideas that will bring value to your business.
