EXACTLY how I do market research for new products


Published -

How I do market research?

It’s an entrepreneur’s worst nightmare: getting obsessed with the “perfect” business idea, painstakingly creating the perfect product…

What is the first step in conducting market research for a new product?

Market research is an important aspect of any business, and it plays a crucial role in identifying potential demand, understanding the target audience, and gauging the competition. Conducting market research for new products can be intimidating, but with the right approach and tools, it can be a valuable asset to the success of a product. In this article, I will explain exactly how I do market research for new products.

Step 1: Define the problem and research questions

Before beginning any research, it is crucial to identify the problem that the new product is meant to solve, and formulate relevant research questions to guide the process. The research questions should be specific, measurable, achievable, relevant, and time-bound (SMART).

Step 2: Identify the target audience

Knowing the target audience is essential in identifying and understanding their specific needs, wants, and preferences. By selecting a target audience, it is also easier to design surveys and focus groups to gain more information.

Step 3: Gather information from secondary sources

The internet is a great source of information for market research. Secondary sources such as competitor analysis, industry reports or trends, social media and market shares can be analysed to gain insights into the market and its audience. For instance, I frequently check competitor websites to see what products they offer, what language they use when marketing, how they price their products and also who follows them on social media.

Step 4: Conduct primary research

Primary research involves collecting first-hand data from the target market through surveys, focus groups, interviews, and observation. Having a specific questionnaire and a focus group guide can be helpful in gathering useful insights. When conducting primary research it is paramount to ensure that the participants are genuine consumers of the product or service.

Step 5: Analyse and interpret the data

Once I complete research analysis, I organise, review and analyse the data to identify trends and patterns. This information helps me identify any areas of potential opportunity and also any potential challenges that I should anticipate along the way.

Step 6: Make recommendations

Based on the research findings, recommendations can be made to refine the product idea, adjust the target profile, improve pricing and set realistic goals for the product roll-out.

In conclusion, market research is essential to understanding and meeting a customer’s need. By following the above steps, we can obtain valuable insights into our target audience and competition, guiding us to make informed decisions about the product. With proper market research, you can set your product up for a successful launch!

8 Total Score

User Rating: 4 (2 votes)
Read More
Filter by
Post Page
Business Insghts Twitter Hybrid Business Model Small Business
Sort by

This is Why All Billionaires Wake Up EXACTLY at 4:00 AM…

All Billionaires Wake Up at 4:00 AM. And this is why. 9 Characteristics That Millionaire Businesspeople Have


How To Find Products To Sell Online

Are you looking to start your own online business?


3 Questions You Should Never Ask in Marketing Research

When firms do marketing research there are a lot of questions they need to ask themselves as well as a few


Working online and traveling the world – digital nomads | DW Documentary

Working online whilst traveling the world sounds like a dream job for many people. But what exactly is a


Best Way To Make Money Online

But what does it really take to make money online? If you want to cut to the chase and learn how to do this


Internet Business Ideas

These are a few new internet business ideas that I won’t be trying, but I hope that someone will. The


Top 5 Freelance Sites

Freelancing is a great way to work from home.


12 Free SEO Tools You Must Use.

Effective SEO strategies require a lot of effort and time. Although very advanced tools exist in the


A Click On Your Profits

Pay-per-click advertising is very economical compared to other advertising tools on the Internet.


Making Use of a PDF Editor

PDF is a Portable Document Format that allows a viewer to be able to see a document or compilation of documents


This researcher created an algorithm that removes the water from underwater images

Why do all the pictures you take underwater look blandly blue-green? The answer has to do with how light


Relationships Mapped: Data-driven Leadership with Network Analysis

You face complex, people-related challenges every day – from encouraging collaboration and innovation, to fostering


How Israel Rules The World Of Cyber Security | VICE on HBO

Cyber Security  U.S. intelligence agencies


The Five Laws of Cybersecurity | Nick Espinosa | TEDxFondduLac

An expert in cybersecurity and network infrastructure, Nick Espinosa has consulted with clients ranging from small


subnetting is simple

Class B ID – Subnetting One day your supervisor walks to you, saying: “here is the network ID 1



A NOC ENGINEER Follow our NOC Team Leader, Raf, on


The Top 10 Most Promising Medical Technologies UPDATED – The Medical Futurist

Digital health technologies are booming and there are so many of them! But if I step back and look at the


New medical technology helps nurses insert an IV on the first try

Medical Technology This digital technology will


What we learned from building a medical technology startup | Fouad Al-Noor | TEDxTUBerlin

Digitalization leads our world in a new are of technology. Technology in Health-care is extremely


8 Medical Procedures That Are Improving Lives

Improving Lives Medical technology continues to


New Medical Technology In 2019

Medical Technology New Medical Technology in


Would a military Space Force accelerate space technology?

Space Force Astrophysicist Neil DeGrasse Tyson


InfoSearched | Business Research & Information