Product Research
Red Stories
Jan 31st 2024

Product Research

Esther O.
Esther O.

There is an excitement that comes with the idea of developing a new product. Just the thought of building or coming up with something that is a solution is exciting. However, amid all that excitement, we quickly get carried away. We miss out on the reality of the steps we must take to achieve the idea we have in our heads. 

Too often, what we do when we say we are working out an idea in our head is we are fantasizing. So, what is the first thing to do when you have a product idea? The answer is Product research.

What is Product Research?

Product research is the process of gathering information about your product idea to understand how best to design, build and sell your products. Product research begins at ideation and usually continues till the point of sale. 

Product research is essential because it is what separates reality from fantasy. It tells you to “perish that idea” or proceed to develop the product.

Another crucial thing Product research will remind you of is that your product is not just about what you can give but what your customer needs. Hence the question, is it ripe for the market? Is there a demand for it? What is the market price for similar products? These questions must have answers before you develop your product or source materials.

Due to the amount of information required to make an informed judgment on building and selling your product, Product research can be overwhelming. For instance, production cost and pricing research are different from that of user experience, and it is different from the availability of raw materials research. There is just so much to cover. Nonetheless, in conducting your Product research, here are six areas you must cover:

  1. Feature research
  2. Concept testing
  3. Market research
  4. Customer research
  5. Pricing research
  6. Naming research

In many cases, as Product research progresses, the product begins to differ from the initial idea. Entrepreneurs and innovators can attest to this. As you interface with reality, the product layout changes to suit reality. And that right there is the reason for Product research. Also, the probability of the product being successful in the market increases. Why? Because all the right boxes are ticked.

But I don't have research skills... 

Thankfully, some people have specialized in Product research and can walk you through gathering needed information on your product idea. You can consider employing their expertise the next time an idea pops up. 

Product research is always worth it.

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