Successful Product Development Starts with Market Research
A look at why market research should be the foundation of any organization’s product planning and development strategy.
Market research should be the foundation of any organization’s product planning and development strategy. It is Mission Control for all product development efforts, sending critical information that helps determine, monitor, and adjust a new product’s trajectory—it could ultimately decide the fate of the mission. In some cases, market research outcomes indicate that the product should be scrubbed altogether, preventing catastrophic failure and loss of investment.
Product development failure is real. According to Harvard Business School professor Clayton Christensen, 95 percent of new products fail. Yet in the product design and development process, many organizations forego research and rely simply on a hunch or past experiences—risking product failure. It’s easy to understand why some organizations are tempted to skip market research: they may lack the research skills or capabilities, be unclear about the benefits or ROI, or feel as if they do not have the time or budget to invest.
Continue on for clarification that helps companies understand why it is critical to include research in product design and development. It explains different market research methodologies, benefits, and key considerations for successfully conducting and applying market research to product development decisions.
This White Paper Includes:
- Why Market Research?
- Building Customer-Centric Products
- Methodologies: Quantitative vs. Qualitative
- Market Analysis and Proof-of-Concept
- Key Considerations and more