Why should I do market research before starting my product development project?

Learning Centre > Why should I do market research before starting my product development project?

Research is to marketing as a compass is to a boat. It helps you sail in the right direction toward the right audience.

Digital marketing has changed everything – and there’s no going back. And in this day and age, marketers now have to deal with a constant influx of digital and analogue noise, which can make it extremely difficult to stay focused.

It all starts with understanding who your buyer is and what motivates them. We work to understand your target buyer through an exploratory creative process.

When you really “get” your buyer, you’re listening closely to their problems, pain points, and desired solutions… And you can create a product or service that naturally solves those problems.

Market research sounds a little stodgy and boring, but there’s actually more excitement than you think. Once you see what all your competitors are up to, you’ll understand why market research is necessary for every business:

  • It will tell you where your target audience and current customers drink—figuratively.  Where do they go to work out what they want to buy?
  • Who is your target audience connecting with today? Which of your competitors are they working with?  Where do they find the information they need to make a purchase?
  • It gives you insight into the industry trends; what’s new, what’s hot, and even what’s cool. It reflects the social and cultural atmosphere of your buyer like nobody else.
  • It will tell you what personas make up your market and what their challenges are. It will enable you to identify the buyer persona that will lead to the highest profits for your business.
  • Most people don’t enjoy buying toilet paper, soap, and toothpaste. However, we make it easy to understand what influences these purchases, and which brands are the most effective in converting to a sale.

Key Takeways

Related Articles

Related Tools and Templates

No items found.

Brands Mentioned

No items found.