Product research is a process of procuring information about a product with respect to how it is received by the audience, its demand, features, value and scope for improvement, to make the product user-friendly, valuable and appealing. Product research informs you about whether your product is fulfilling the purpose for which it was created and what can you add or remove in order to increase its viability. It is a vital step required to design a product and launch it in the market. Product research is done at the following stages:
Successful products only solve the problem/s of consumers and are able to generate high demand. Product research examines gaps in the market and identifies trends to guide businesses on developing innovative and effective products.
How do you react when you continuously click a button on an app and it doesn’t show any result? You wouldn’t like your app to be as such. Right? Product researchers conduct surveys, real-time monitoring of consumer behaviour analysis, etc. to get insights on features of the product and user experience. It can direct you towards improving your product and prioritising tasks.
Competitor analysis is a crucial part of product research where prevailing players of the industry are minutely studied to discover what’s running in the market and what’s not. You can modify your product by merging the gaps left by your competitors and thereby make it more attractive and rewarding.
Designing a fresh product requires umpteen financial and human resources and the worst nightmare for a business is the failure of an effortfully launched product. Product research saves your costly resources from turning into a waste by providing useful insights about the market and demand of the product.
The importance of targeting the right customers is being realized greatly in this highly competitive market. Another key benefit of product research is that it aids in identifying the correct audience segment for your innovation. It guides the marketing and advertising strategy for your product.
Just making a unique and useful product isn’t the end of the story. To remain at the top you need to have an eye on the changing aspirations of your audience and competitors’ activities. Product research keeps you updated with the trends and demands in the market so that you stay ahead in the race all the time.
Poshway provides end-to-end product research services to guide you through successful product development and launch. We have a specialised team to conduct high-end product research across a wide range of industries, including product’s demand, functionality, convenience, customers’ behaviour, competitor analysis and many more areas. Our experts devise solutions based on rich insights so that your product hits the right note with your customers and gets the sales figures ringing. We analyse the market, identify the pain points and articulate customised reports with our in-depth knowledge and extensive experience in the field. Our tests move away from shallow interpretations and stand firm on the parameters of reliability, validity, objectivity and usability. Apart from product development, our studies direct you the right way in marketing your product by tracking the target audience and recommending effective ways to approach them.
Product research isn’t limited to product development, it can also shed light on improvisations and unveil new possibilities to make your product exciting, novel and trending in the market. With our solid groundwork and research-based solutions, we can support you in elevating and upgrading your product. Analysts agree that the importance of data-driven strategies is rising in the current business environment where even a slight incorrect assumption can spell the failure of a venture. Our qualified team extracts relevant qualitative and quantitative data using suitable research tools and methods which are unique for every product type. The resulting insights are converted into actionable information to lead you towards designing a user friendly, relevant and delightful product your consumers will love.
Our refined product research process aims at better understanding your consumers and tailoring your product based on their needs:
Firstly, our team gathers complete information about your product - Its purpose, demand, relevance, target audience, functionality, backend operations, etc. We dive deep into each aspect of the product and view it in the context of the current market scenario.
When it comes to product research, uniformity doesn’t help. Different products require specific tools for research and analysis. Our experts sort out the most effective methodologies of research based on the product type and motive of the research. This is done to generate accurate and constructive results.
A rigorous research is undertaken to determine the strengths, challenges, opportunities and competition of the product. Using a combination of fitting techniques and advanced tools, we accumulate a wealth of relevant data about the product’s design, function and audience. Testing MVP (Minimum Viable Product), user surveys, real-time monitoring, analytics, etc. are leveraged to learn about the UI, UX, pain points, convenience and viability of the product.
After mining the data, it is analysed to generate an actionable plan. Priority tasks, improvements, optimisation, fixes, marketing initiatives, etc. are strategically devised by experts to guide you in building a relevant, customer-centric and meaningful product that will stand out of the crowd.
A consultation session is held with the client to elaborate on the research findings and the required steps. The queries of the client are solved and if they require further support, the terms of it are discussed and agreed.
We work as a partner with the clients in their path to progress and keep them updated with changes in the industry, evolving aspirations of the customers, new opportunities in the field and competitor activities. We take utmost care to make sure that the product stays upgraded and top-of-the-mind of people maintaining a rapid growth rate and high value factor.
Product research can work wonders for your business and it's a smart way to capture the market segment. With Poshway’s deep experience in the field and cutting-edge technology you can succeed in building relevant, viable and compelling products that outshine the rest.