Why should you do Market Research?

Antwak Blog

Market research is the process of gathering information about your business’s buyer personas, target audience and customers. The market research also provides a deep understanding of wide variations of things. Primary uses for Market Research .

How does Market Research work?

Antwak Blog

Market research done right can give a business insight into of what sorts of new products and services may bring a benefit. For Products and services readily available, marketing research can tell organizations whether they are living up to their client’s requirements and needs. When you direct marketing research, you can use the outcomes either to make a business and marketing research plan or to determine the success of your current plan.

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Pros and Cons of Market Research Tactics

Mind the Product

As the product manager survey results that we published on Mind the Product suggested, listening to the market doesn’t happen enough among enterprise software designers. This is probably the most common means of gathering market feedback by product managers, and with good reason. That’s only a tiny sliver of your addressable market. You’ll have a harder time learning from sales calls how the other 80% of the market survives without your solution today.

Market Research vs User Research: How To Overcome Uncertainty

UX Studio

But by doing the right research at the right time, you can get the information you need to advance. Easier said than done… Is it not just a question of market research vs user research? We wrote this to help you choose the right research methods more easily. In this article we answer: How do we distinguish between types of research? What characteristics define market research vs user research? So not all research works the same?

Build Delightful Products with Customer Validation

Speaker: John Little, Head of Product Marketing, Centercode

When it comes to delivering a solid product/market fit, customer validation is key. After all, you want to provide customers with a product that not only fills the need, but is delightful -- right? To get there, you need to commit to a vital blend of market research, strategy, and user testing. Join John Little, Head of Product Marketing at Centercode, as he explains a two-part approach to customer validation. First, how do you strategically identify your top product areas that need attention prior to release. And second, how do you turn user data into strategic priorities that help the right teams make the right decisions.

The entrepreneur’s ultimate guide to market research

The Product Coalition

While researchingmarket research”, I found it’s one of those topics that can be overwhelming, simply because I had to go through endless sources, most of which are very similar, and each carrying only a small piece of the puzzle. Bringing high-quality content to the world is one of our core values at Knowledge Officer ; this is why I decided to save your time and energy, and bring you everything you need to know about market research, all in one place!

As Expectations for ‘Insights on Demand’ Grow, What’s the Ripple Effect on Market Research?

AlphaHQ

As unrelated as it may seem, the current state of cross-functional research feels a lot like buying wearable technology and using it to diagnose your health. Disruptive technologies and agile research methodologies have ushered in a period of ubiquitous data access, blurring the lines between job functions across large swaths of industries and companies. Gathering and analyzing data no longer falls squarely on the shoulders of market research or consumer insights teams.

Common Product Vision Board Mistakes

Roman Pichler

This article assumes that you are familiar with the product vision board or the key elements of a product strategy : market, value proposition, standout features, and business goals. More Information : Market Segmentation Tips and Strategize , pp. A Brief Guide to this Article.

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How to succeed in 2020: the most important insights from 8 recent market research studies

The Product Coalition

After all, when you know exactly what metrics are growing, what market leaders are betting on, how and what budgets are spent, what marketing solutions are chosen, what practices should be implemented and what to focus on in the near future, life becomes better.

How do market researchers add experimentation to drive better business outcomes?

AlphaHQ

Look no further than Amazon – in a 2017 letter to shareholders , CEO Jeff Bezos, credited a decision-making model for the company’s ability to deliver value to the market faster: “Most decisions should probably be made with somewhere around 70% of the information you wish you had. Whereas many organizations have deep and meaningful expertise doing large-scale market research, their findings are hitting critical limitations.

5 Product Positioning Mistakes to Absolutely Avoid

Mind the Product

A product marketer acquaintance of mine – Mukul – recently asked for some advice on his product positioning. Product Marketing Product Strategy Interview Market Research Positioning Pragmatic Marketing product positioning User Interviews User Research

A Brief Guide to Product Discovery

Roman Pichler

Which market and market segment should the product address? Whenever you create a brand-new product or when you make bigger changes to an existing one, like taking it to a new market , you will benefit from using a dedicated, timeboxed product discovery period.

How do market researchers add experimentation to drive better business outcomes?

AlphaHQ

Look no further than Amazon – in a 2017 letter to shareholders , CEO Jeff Bezos, credited a decision-making model for the company’s ability to deliver value to the market faster: “Most decisions should probably be made with somewhere around 70% of the information you wish you had. Whereas many organizations have deep and meaningful expertise doing large-scale market research, their findings are hitting critical limitations. Research

How do market researchers add experimentation to drive better business outcomes?

AlphaHQ

Look no further than Amazon – in a 2017 letter to shareholders , CEO Jeff Bezos, credited a decision-making model for the company’s ability to deliver value to the market faster: “Most decisions should probably be made with somewhere around 70% of the information you wish you had. Whereas many organizations have deep and meaningful expertise doing large-scale market research, their findings are hitting critical limitations. Research

What Is A SaaS Product Growth Strategy? [Examples Included]

Userpilot

Is a SaaS product growth strategy essential to a modern business’s survival? What SaaS product growth strategies can you implement to get there? That's exactly what we'll cover in this article: what is a SaaS product growth strategy and what are the main growth strategy types.

Product Discovery Tips

Roman Pichler

I find it helpful to form a product discovery team that consists of: Development team members: user experience (UX) designer, developer, tester; Key stakeholders , for example, people from marketing, sales, and support; A ScrumMaster or agile coach. Involving others in the discovery work allows you to leverage their knowledge and expertise, builds rapport, and creates support for key product decisions including the selection of a specific market segment and stand-out features.

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Building a Successful Market Penetration Strategy in Three Steps

The Product Coalition

Market penetration strategies can be defined as an effort of increasing market share for current products or services of the firm by marketing activities. In fact, market penetration has never been an affordable strategy that might burn the company budget in a short time.

As Expectations for ‘Insights on Demand’ Grow, What’s the Ripple Effect on Market Research?

AlphaHQ

As unrelated as it may seem, the current state of cross-functional research feels a lot like buying wearable technology and using it to diagnose your health. Disruptive technologies and agile research methodologies have ushered in a period of ubiquitous data access, blurring the lines between job functions across large swaths of industries and companies. Gathering and analyzing data no longer falls squarely on the shoulders of market research or consumer insights teams.

What is a “market-driven” Product?

BrainMates

As a Product Manager I love the words “market-driven” They have purpose and connotations of real market intelligence (“customer-centric” sits in the same bucket). What is a “market-driven” Product? A two-tier definition of market-driven Product.

Meaningful Product Processes with IMPACT

ProductPlan

So when I tried coming up with my own mindset and mantra for improving product management, I found myself elevating above the flowcharts and execution strategies, looking for something more universal. Market research—Reveals how others tell their stories and perceive the audience.

Needfinding

ProductPlan

In product management, needfinding is the research process of identifying a market need for a solution. How Is Needfinding Different from Other Types of Customer Research? Product managers can gain insights into what their customers want using different strategies. However, what distinguishes needfinding from other customer research is that when product managers take this approach, they assume users might not articulate their needs. What Is Needfinding?

Product validation to put our best product forward

Obo

Market Research Collaboration Obo StrategyThe beta data is in! We recently ran Obo’s beta program with a range of tech companies to validate that the Obo product decision system helps product teams to manage their Feature Funnel™, validate assumptions with data, prioritize features, and model “what if” product plan scenarios.

Are idea portals a bad idea?

Obo

Market Research StrategyIdea portals aren’t a bad idea -- but they aren’t necessarily a good idea. In theory, idea portals are great. Your customers (and others) can enter and vote on ideas for your products, and voilà -- you’re customer-centric! What could possibly go wrong? If you’re not careful, your idea portal will miss the mark and steer your product roadmap off track.

Efficient Product Feedback Loop – Best Customer Strategies & Latest Tools

The Basics of Product Management

Then these strategies are a must know for every product professional. Product Feedback Loop – Strategies. There are many strategies that a product team can use to get real and useful feedback on their products. The following strategies are all equally important.

Productboard founder and CEO Hubert Palan on mastering product strategy

Inside Intercom

With a background in computer science and an MBA, he soon realized that understanding the markets and customers is as important as building the products. You have frameworks, look at market dynamics, do practical research, and advise companies on how to use these frameworks.

Centercode Is Powering Up These 4 Roles in Product Development

Centercode

Investing in product analytics, quality testing, user experience, and market research are absolutely essential to building a good product. Conduct Research by Testing Competitors’ Products. Marketing: Identifying Your Customers’ Hero Features.

When good companies make bad products.

Obo

( This is the first in a four-part series of posts on epic product fails and how better market validation might have prevented them.) They also all clearly have the resources to conduct sufficient market research to validate their product strategies and plans. Perhaps they were so enamored of the possibilities if their product ideas were successful that they didn’t consider what the market really wanted and/or needed.

Product Management Mishap: Not so fast, Netflix!

Obo

In fact, the market response was legendary. Netflix’s market cap dropped from $18B to $5B.” Very few people are savants who can guess correctly what the market wants. Most of us need to back up our guesses with market research. Featured Market research Strategy Strategy & marketing

Taking Event Support from Sales Tactic to Product Strategy

Product Beautiful

But the truth is that events aren’t just a sales and marketing tactic. They can and should be a strategic part of your market research—a way to glean feedback from your market as much as they are a place to push your message. If your market research is on point, they’ll probably say, “Yes it is. I’m doing some follow-up research, and you came to mind. This can be vital to your research because you’re gaining information from potential customers.

Through Google Glass, darkly

Obo

Absent from this list: market testing. From what little we know about Google’s market testing, they do some, but they focus on their existing customers. That leaves much of the market unaccounted for and limits the potential for successful huge-scale innovation. 2] There is a version of Glass currently being used in manufacturing and healthcare in fields, marketing a “hands free device, for hands-on workers” ( [link] ; [link] ).

First to Market Story: Facebook Home alone?

Obo

This is the second in a four-part series of posts on epic product fails and how better market validation might have prevented them. In terms of market response, more than half of the 15,000 app reviews gave Home just one star, and people quickly began looking for ways to remove the software from their phones. It’s possible that Facebook is even behind Google in terms of only market testing with existing customers (by definition people who find Facebook valuable).

How Startups can compete in the Online Dating Market

The Product Coalition

The global online dating market was valued at $6,400.0 It’s a huge and fast-growing market and this factor is probably responsible for the gigantic amount of companies that arise in this segment year after year. How to deal with Winner Takes All Dynamic in Dating Market?

Q&A with Extensis VP of Development & Strategy, Toby Martin

Revulytics

Toby Martin is VP, Development and Strategy at Extensis , a developer of software and services for creative professionals and B2B workgroups. From our mass market products to our server-based offerings, we’ve released important new capabilities, largely based on Revulytics data about what customers actually do. Its customer insights help us drive market research, which will lead to more effective marketing programs.

Why Customer Interviews Should Be Done Continuously

Generation Focus

It’s up to you to develop a product strategy that keeps up. Think about if your product strategy is addressing the needs of not only your present customer but also your future customer. Market Research Never Stops Being Important. One great example of why market research is never enough is Apple. It’s not because they’re the most innovative, but because they know how to use market research. Customer Discovery market research

Why Customer Interviews Should Be Done Continuously

Generation Focus

It’s up to you to develop a product strategy that keeps up. Think about if your product strategy is addressing the needs of not only your present customer but also your future customer. Even seemingly little things like being able to search merchandise in a store and clicking on images to receive product recommendations are important to millennial shoppers, ,,Market Research Never Stops Being Important. One great example of why market research is never enough is Apple.

Why Customer Interviews Should Be Done Continuously

Generation Focus

It’s up to you to develop a product strategy that keeps up. Think about if your product strategy is addressing the needs of not only your present customer but also your future customer. Market Research Never Stops Being Important One great example of why market research is never enough is Apple. It’s not because they’re the most innovative, but because they know how to use market research. Customer Discovery market research

How customer insights and long-term strategies helped in creating breakthrough products #BreakthroughWinners

NextBigWhat

– Solid consumer insights and market research team. The post How customer insights and long-term strategies helped in creating breakthrough products #BreakthroughWinners appeared first on NextBigWhat.

4 Feedback Disciplines All Product Managers Should Know

Centercode

Product managers would wait weeks or even months for feedback to trickle in once the product was on the market. Within those practices, there are four essential disciplines — Market Research, User Experience Research, Customer Experience, and Customer Validation — that you as a product manager must understand to not just survive but also thrive in today’s technological landscape. Concept Phase: Market Research. Common Market Research Methods.

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We increased the data limits of our Free Plan by 100x and re-thought our online pricing strategy. Here’s why.

Mixpanel

Before we get into the details behind our strategy and approach, here’s a quick overview: An expanded data limit on our Free Plan, from 1,000 MTUs to 100,000 MTUs (or up to 100M events per month), representing an increase of 100x. We spent more than 6 months doing a ton of qualitative and quantitative research, including interviews with dozens of past, current, and potential customers, market research, and product analysis.

How to Understand Your Customer's Pains and Gains

Generation Focus

This direct strategy reveals a common pattern in their pains & gains. Not only will information from customers help you tailor your product's features and value proposition , it can also help with future growth strategy. market research Customer DiscoveryOne of the keys to building a good product is customer validation. Before you can get to that point, you need to listen to your customers and understand their pains & gains.