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?

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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.

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.

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.

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

The Product Coalition

Content: Average OR and CTR in all industries are growing What profit do marketing investments bring Content marketing yields great results What is conversational marketing and who needs it What do customers expect from customer service How does the mobile industry evolve What makes companies change their marketing technologies and solutions We took eight recent market studies, read them carefully and selected the most important and useful insights.

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.

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

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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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. Here’s two different ways of describing it: A “Firm’s policy or strategy guided by market trends and customer needs instead of the firm’s productive capacity or current products.”

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.

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.

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.

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

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. Ideally, each strategy should be used, depending on which stage the product is in the product life cycle. Let us take a closer look at these feedback strategies. 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. Market Research Never Stops Being Important. Customer Discovery market research

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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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] ).

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.

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).

Product Questions to Ask Customers Across the Product Life Cycle

Centercode

Within the world of user research, there are methods for collecting feedback that support each phase with unique customer insights. We’ve included examples of objectives, research types, and methods for every phase of your product’s lifetime below. Your Objective : Identify what your target market needs. Recommended Research Type : Market Research. Secondary research. Recommended Research Type : User Experience (UX) Research.

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. Recently we decided to enter this market in our own company( JoySpot ), so I started studying this market heavily to learn how can a Startup penetrate it and be competitive versus titans like Tinder. 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. 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 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 Discovery

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.

How to Understand Your Customer's Pains and Gains

Generation Focus

This direct strategy reveals a common pattern in their pains & gains. 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. You can do that through customer interviews. Every successful product should start with this foundation, here’s why. Customer Validation & Discovery.

How can you build for the future when your strategy is stuck in the past?

AlphaHQ

Any company that wants to survive the current consumer revolution had better strive for perfect product/market fit — their competition definitely will. Business leaders are in a race to get to market faster with products tailored to the wants and needs of customers. Traditionally, this involves research teams creating studies to inform strategy, product teams building to fit the need, and then executing a go-to-market strategy.

Optimal Product Process™ 3.0 Phase Two: Plan

280 Group

During the plan phase, product managers conduct more detailed and specific market research, along with competitive analysis to determine whether the opportunity is large and profitable enough to be viable. For example, market research and competitive analysis can be performed. If your company uses the term requirement , use either customer/market requirement or product requirement. Create market and product strategy, and a corresponding roadmap.

7 Best Customer Experience Metrics To Grow Your Business

The Product Coalition

If you’re planning to implement a robust CX strategy to bring back lost customers, retain existing customers, or bring new customers, here’s seven customer experience metrics to grow your business. Customer acquisition costs include marketing, training, customer experience, support, and data.

How Much Does Your Feature Cost?

ProductCraft

So you’ve done your market research, interviewed customers, and prototyped your designs. Your go-to-market strategy is in place. Engineering is ready to start development. Amongst all the excitement, coordination, and chaos, have you asked yourself the BIGGEST question? “How much does my feature cost?” ” In this article, we’ll borrow some lessons from Harvard Business School. Read more » The post How Much Does Your Feature Cost?

What Happens When you do User Discovery After Market Traction

Mind the Product

Major elements of our sales and marketing plan, designed with companies like this one in mind, needed to be revisited at the least. We’d responded to market traction without properly understanding our users. That’s because when Merck decided to market the exact same drug’s baldness-prevention properties too, they created a new campaign and brand. The user researchers use our platform for pretty much the same reason product managers do.

How to Use Google’s HEART Framework to Make Product Decisions

ProductPlan

You’ll need to supplement the information you derive from your HEART framework results with data from other sources, your own market research, and of course common sense. Product Management Product Strategy product strategyNeed help prioritizing the many features and other initiatives competing for space on your product roadmap? One way to make better product decisions is to borrow a framework developed by Google.

The Activities of a Strategic Product Manager

ProductPlan

How can you take responsibility for the vision and shape the future of your product when you don’t control strategy at the corporate level?”. Developing a Product Strategy. Before we go any further discussing the activities of a strategic product manager, let’s review the key parts of developing and implementing a product strategy. Product Strategy. A product strategy includes a product vision statement (e.g., Read five steps to a winning product strategy.