See How Innovation And Product Development Research Can Drive Your Decisions During Product Life Cycle.
Product development research helps you determine not only where your current product/service is in the product life cycle but what features are most valued and what elements customers are willing to pay a premium for. Early on in the product development life cycle you may be focused on building awareness, gaining market acceptance, increasing usage, and generating loyalty. As the product begins to mature over time your focus may shift while you begin evaluating interest in new features, the value associated with product/service improvements, increasing usage and loyalty, and creating advocacy. As interest in the product declines additional insights into product enhancements may be of interest. Throughout the various stages of the product life cycle you may want to consider brand/product image, product usage, price optimization, customer satisfaction, brand or product loyalty and advocacy.
Gaining valuable feedback from potential and current customers on your current offerings, and creating a better understanding of what unmet needs exist enables you to develop customized solutions that will be valued. In today’s marketplace the ability to provide a high quality product/service that meets customer needs at a fair price is a minimum requirement. You need to understand if your target customer is as excited by your offering as you are. Specifically, you may seek to answer:
- What are the wants/needs of my target customers? What do they expect?
- Do the products/services I offer fulfill customer needs? How so? Are they relevant?
- Are there critical unmet needs in the marketplace?
- What are the key drivers of purchase decisions in my category?
- What are the strengths and weaknesses of my product/concept?
- How do target customers view and connect to competitive products/services?
- How are my competitors positioned in the market?
- How can I best position my product/services for success?
- What is the potential for a new product?
- Which of my concepts offers the greatest potential (appeal, purchase consideration, etc.)?
Contact Clear Seas Research to get started developing a custom research solution to help guide you in your product development efforts to ensure you provide the most appropriate product/service for your target audience.