For a product manager to successfully launch a product that fits the market, market research is a necessary prerequisite. And while market research is not something that a product manager should focus on entirely, it is one of the key ingredients that a PM needs to master if he or she wants to effectively present a product that will help the company achieve its goals.
Here are some tips on market research that wTill help in product management.
Find a Product/Market Fit
The cornerstone of market research is the product/market fit. A product manager has achieved this when there is set of customers who are raving about their product to pay for it, either in terms of money or time. You want to know what will make your market want to pay for your product before you start building it. What problems do they have and does your product provide a viable solution to your target customers?
Check Existing Resources
Before conducting your own study, check if there are any existing resources that might give you the information you need. Review research that had been conducted by other teams within your own company as well as any external research that will help you learn more about your market. It is important to remain objective and analyze reports and analyses thoroughly, and not just get bits and pieces that support your plans and ideas. It will also be helpful if you include people from marketing into the process so you have a much clearer and thorough analysis of the resources you have.
Conduct Your Own Research
After examining previous studies from various resources to help you define your product ideas, the next step is to conduct your own market research to validate them. The best way to do this is by talking to your customers and learning how they use your product, what they find effective in it, how they use it, what they wish it does for them, and how much they are willing to pay for an improved version of your product. Keep in mind that talking to customers should be done regularly. You need to know them and their wants and needs, and talking to them is the best way to do this.
Perform Continuous Product Testing
A product needs to evolve along with the market. Your market’s needs are ever changing, which is why a product manager’s responsibility is to conduct continuous product testing. A product management training course stresses on the important of making sure that your market’s needs are being met by integrating customer inputs user testing into the product management processes. One effective technique is to include testing into your team’s schedule as a regular activity. You can do this on a weekly or bi-monthly basis. Doing this allows you to discover genuine flaws and opportunities in your market offering.
By incorporating market research into the heart of your processes, a product manager is able to develop products that truly deliver customer satisfaction which inevitably translates to business success. Take note and apply these market research tips and see your products grow.
Michelle Rubio has been writing for SMEs across the United States, Canada, Australia and the UK for the last five years. She is a highly-experienced blogger and SEO copywriter, writing business blogs for various industries such as marketing, law, health and wellness, beauty, and education, particularly on product management training such as those offered by ProductSchool.com.