There are many brands selling similar products in the market; still, one brand is loved by many whereas the other one is hardly known. The reason behind this is very simple; people like to spend on brands that understand their needs better. This is where the product research role comes in. As an entrepreneur or if you want to be one, you must know that product research plays a crucial role in the growth of your business. Let’s see what it is.
Product research is marketing research that provides information on the specific and required characteristics of a service or a product. It helps companies understand the needs of the customers, which further helps in the development of the product according to their desire. Even if you are an established brand in the market and people love your product, you need to keep updated with product research to identify which features are essential and retain them and which needs to be discarded.
This research helps you understand the following questions:
If the offered service or product will succeed in the market?
Are there any similar products available in the market? If yes, what are they?
Which will be the best ways to start, develop, and sell your products or services?
To identify the key issues, you can conduct product research at every stage of the product development process. At the initial stage, the research will help you identify new ideas and find out what your potential customers are looking for.
In the later stages, it will tell you how the available options in the market are meeting the expectations of existing customers and where it is failing to do so. By this, you will know what you need to do differently, meet the expectations and outdo the competition.
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Visit the below links to know more related to product research:
How to do product research
The right product-research process minimizes the chances of product failure and also helps you in avoiding the cost which you may be spending unnecessarily. Click to know the things to consider for product research.
Tips for effective product research
Skipping the product research can cost you a lot, and not doing it correctly will be no different. You can end up increasing the cost and still no idea about the changes required. So, here are some tips to help you with effective product research.
Using Google Trends for product research
The traditional product and marketing research techniques can be costly, and hence it will be difficult for small businesses with limited budgets to spend so much on product research. But Google Trends, a Google-powered tool, is a free and easily accessible research tool. It helps you discover the online search of your audience and gain insight by analyzing that information.
Ways you can use google trends for product research:
1. Find product features which your audience finds important.
Firstly, go to the side menu bar and click on the ‘Explore in depth’ option and then select your location.
Now, you will see ‘search terms’ flashing on the screen, go there, select all categories, select your industry, and choose the appropriate sub-category. For example, if you have an accounting firm, then Finance will be selected as your industry, and in the sub-category, accounting and auditing will be selected.
Once all the above-mentioned information is submitted properly, you’ll get to see the popular search terms within the industry.
2. Identify consumer demands
To find out your competition in the market, you can use Google Trends to know about the brand or features with higher consumer demand. Like, for an electronic retailer, they need to enter “Smart TV” and “LED TV” in Google Trends to know about the popular name in the region. Besides, you can compare different brands to see which brand is more popular. These insights help you make better business decisions.
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Source: The Keyword
3. What Consumers are Searching About Competing Brands
In the topic box, you can enter a competitor’s name to discover search queries related to the brand. For example, you have a coffee shop, and through the data, you find out that shoppers are searching for “Starbucks nutrition” or “Starbucks calories”, you know that this is what the audience is looking for most. So, you can take the opportunity to highlight nutritional facts and the calories of your beverages in your menu, pamphlet, or website.
By using Google Trends, you can find out your competitors, product features, demands of your audience, etc. Also, you can discover the needs of your audience and focus on the features which they value most. Further, this information will help you improve your offerings, add the demanding features, and capture more customers’ attention.
Go through the below links to know more related to Google Trends:
Google Trends for market research
Even when the free marketing research tool Google Trend is available, people opt for the costly way to do it, and the reason maybe because they are not aware of it or they do not know how to use it. So, here is how brands can use Google Trends for market research.
Using Google Trend: features for entrepreneurs
Google trends help you monitor everything, be it the trending keywords or youtube stats. The information you get through it can be beneficial for your business. Let us know how Google Trends can be used to maximize your business. Read more.
We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to our other blogs.