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Bringing a new product to the market is a key milestone in any brand’s story. Whether it’s the reintroduction of a previous success, a brand extension or a completely new product, the introduction of something new can open new doors and attract new attention in a cluttered marketplace. What can you do ahead of time to ensure your brand’s success? Below are five ways market research can help you build an effective and rapid go-to-market strategy.
The first step to ensuring a rapid and successful marketing strategy is knowing who your target consumer is and what they want. What makes your product different than what’s already on the market? If your target consumer an urban professional, a parent, or both? How old are they? What does their day look like? A deeper understanding of who you want to purchase your product helps ensure that it will fit seamlessly into that consumer’s life in a way that encourages additional purchases and future use.
A crucial follow-up question to ask after what consumer need is your product filling is why does your consumer need this product? Are existing alternatives too bulky and cumbersome for an on-the-go lifestyle? Is it a new format or style that better fits a healthy lifestyle or a change in dietary preference? Ensuring your product’s success on the market is about a lot more than just what your consumer is looking for right now, it’s about what your consumer doesn’t even know they need yet.
Consumers’ preferences change quickly. One day, an ingredient or product could be popular and soar in popularity only to fade into obscurity the next day when a new trend or product hits the market. If your product is going to be an immediate go-to-market success, you have to be prepare to design it, develop it, and get it to consumers as quickly as possible before demand shifts again and your product is no longer as relevant to your target consumer base.
Where do your consumers shop? Do they prefer brick and mortar stores or online shopping? Where and how should you market your products to make sure your consumers know they exist? A product could be designed perfectly to fit consumer need, but unless you know where and how your consumers shop, you won’t be able to get your product in front of them in a way that encourages them to buy it.
Finally, draw the line between who your consumers are, what their needs are, and why they need your product. Make this connection clear, so your consumers can see themselves and their own needs reflected in how you market your product. Feeling like a product is designed for them and their needs is what will convince your consumers to buy your product, but the dots need to be connected in a very clear way that’s easy for consumers to understand.
Thinking through these steps before designing a new product will help maximize its success with your target consumer base.