‼️ 𝑻𝑯𝑬 𝑷𝑶𝑾𝑬𝑹 𝑶𝑭 𝑴𝑨𝑹𝑲𝑬𝑻 𝑹𝑬𝑺𝑬𝑨𝑹𝑪𝑯 𝑰𝑵 𝑷𝑹𝑶𝑫𝑼𝑪𝑻 𝑫𝑬𝑽𝑬𝑳𝑶𝑷𝑴𝑬𝑵𝑻 ‼️ Nearly 30,000 new products are introduced each year, and 95% of them fail according to Clayton Christensen, a professor at Harvard Business School. Svafa Grönfeldt, faculty member for MIT Professional Education’s online program Designing High Impact Solutions with MITdesignX—offered in both English and Spanish—explains that “many innovations fail because they introduce products or other solutions without a real need for them. There’s no market for the solutions they’ve created.” The beautiful thing about Product development is that, it’s not just about having a great or super idea; it’s actually about ensuring it resonates with your market. That is why market research is so important in a new product development process. This stage helps product managers to critically evaluate customer needs, preferences and pain-points. Market research in a need product development process, therefore, is 𝒕𝒉𝒆 𝒈𝒂𝒕𝒉𝒆𝒓𝒊𝒏𝒈 𝒂𝒏𝒅 𝒂𝒏𝒂𝒍𝒚𝒛𝒊𝒏𝒈 𝒐𝒇 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒕𝒂𝒓𝒈𝒆𝒕 𝒎𝒂𝒓𝒌𝒆𝒕, 𝒄𝒖𝒔𝒕𝒐𝒎𝒆𝒓𝒔' 𝒏𝒆𝒆𝒅𝒔, 𝒑𝒓𝒆𝒇𝒆𝒓𝒆𝒏𝒄𝒆𝒔, 𝒂𝒏𝒅 𝒃𝒆𝒉𝒂𝒗𝒊𝒐𝒓𝒔 𝒕𝒐 𝒎𝒂𝒌𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒆𝒅 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔 𝒂𝒃𝒐𝒖𝒕 𝒅𝒆𝒗𝒆𝒍𝒐𝒑𝒊𝒏𝒈 𝒂 𝒏𝒆𝒘 𝒑𝒓𝒐𝒅𝒖𝒄𝒕 𝒐𝒓 𝒊𝒎𝒑𝒓𝒐𝒗𝒊𝒏𝒈 𝒆𝒙𝒊𝒔𝒕𝒊𝒏𝒈 𝒐𝒏𝒆𝒔. 👉 Understanding Customer Needs and Preferences: This helps product managers to develop products that truly resonate with their target audience. Which includes conducting surveys, interviews, focus groups, and analyzing customer feedback from various sources such as social media, reviews, and direct interactions. 👉 Identifying Market Opportunities: When there’s a gap in the market or a particular trend, product managers use this opportunity to introduce new products that will address these concerns. 👉 Reducing Risks: Developing a new product involves a lot of investment and inherent risk, carrying out Market research helps to reduce these risks by providing data-driven insights into the viability of a product concept, the potential challenges, and the competitive landscape. 👉 Helps Product Design: Market Research helps the design team not to design a replica of a product already in the market and to inform every aspect of product design, from functionality and aesthetics to usability and sustainability. 👉 Product Success Evaluation: Market Research post product launch allows the team to track the success of the product and to identify areas for improvement. Conducting thorough market research is crucial for identifying opportunities, reducing risks, and ensuring the success of a product in the market. Can we share any product that we used to like but left it for something similar and better? Share below 👇 #productmanager #ufuomaokon #customersatisfaction #businessdeveloper #productdevelopment #marketresearch
You are doing well Ufuoma Okon Thank you for this informative content
This is really insightful. Well done sis
True. Market research is essential for successful product development.
Research and development is a continuous process. Ufuoma Okon
Do we remember the case of BlackBerry and IPhone? When iPhone was introduced in the market in 2007, we were all crazy about blackberry literally. It was a thing to have my BB pin then 😊 The design of the phone and its sleekness was just aesthetically pleasing. But when iPhone came with the screen touch functionality and the comfort and “steeze” it came with, the market moved to their direction and in subsequent years, we didn’t hear of BlackBerry again; I think the product got to the decline stage.