How to Do Market Research Before a Product Launch in 2022

The global revenue of market research exceeded $70 billion in 2019 and keeps growing every year. So, it’s an important field to pay attention to before you start putting your product or service on the market. 

Market research doesn’t only clarify many things for you, it can significantly clarify how people will perceive your product when you put it out there. Generally speaking, market research has always been a trend for marketers, but now, it’s become a must, and it is easier to find out how your target audience might react. 

There are countless reviews out there that you can see regarding products that might be very similar to yours. Moreover, this gives you a better picture and an overall idea of what you can expect upon product launch. 

That being said, what you want to do before you launch your product is know how to conduct the proper market research, and in this article, we will show you how to do that. 

Let’s dive right in! 

How to conduct proper market research before you launch your product? 

1. Identify your target audience

According to research done a few years ago, 72% of marketers claimed that they couldn’t find their target audience! That is quite a high percentage and shows you that many marketers don’t spend time focusing on their target audience. Don’t be one of them! 

We could say that more than half of your success during product launch is presenting it to the right audience. For example, if you are selling a smartphone and presenting it to an audience who doesn’t pay much attention to smartphones, it won’t really make a difference. 

Identify your target audience to find out in which product category you fall in. If you are selling electronics, find out where your target audience is hanging out. Is it on Facebook, Quora, LinkedIn, or where? 

2. Use market research tools 

Tools for market research help you better understand the market you are operating in and know more about your audience. They save you time, reduce workload and inform you more about your target audience. 

Here are a few marketing research tools you can consider using: 

  • Attest: This lightning-quick market research tool gives you access to insights in the shortest time possible. Attest grants you access to your competitors as well, seeing what they have more than you and allowing you to take the necessary actions to overcome this. Moreover, you can build surveys to test different types of ads that connect you to an audience larger than 100 million consumers around the globe. 
  • Google Trends: Google Trends is the best platform to go with if you seek which product in which industry and country are trending. This dramatically helps you identify how trending your product is and your industry. With Google Trends, you can identify if your product is the right one to go with way before launch. 
  • Answer the Public: if you want to find out every phrase your audience is searching for on Google, then Answer the Public will give you the answers to it. In short, you get the whole idea of what the public is searching for, and this is your bingo win when launching a product. 

3. Product launch email template

Before launching a product, you may find yourself asking many questions. Promoting and researching the product before its release can be exciting to do. Moreover, email marketing has come a long way to help marketers research more about their audience. According to a study, over 300 billion emails are sent out every day

You can use email marketing to find more about your target audience’s open rates and reactions. Create a product launch email and inform your audience of when your product will launch; maybe set up a short survey or include questions in the email that allows you to evaluate the results and see what kind of improvements you can make before the launch date. 

4.Use programming languages

Programming languages are not given much attention by marketers most of the time. However, they are the core of research in many other industries, especially data science, and are used for in-depth analysis and reports.  

So, maybe you are a marketing data scientist and wondering which programming languages to use. Here are some of the most popular languages you can consider using: 

  • Python: is a popular programming language amongst many data science marketers and is widely used by programmers. You can use Python to analyze customer feedback by naturally automating customer feedback and generating insights about it. 
  • R: a great language to use for reporting and allowing participants to express their opinions with their own words. Coding with R firmly allows you to quantify feedback into graphs and charts for all of your reports. 
  • Linux: is a programming language that is used to build software. Market research can be done with Linux by using software built through it. Some popular market research software that Linux builds are Nfield, Qualtrics CoreXM, Key Survey, Elium, and more. 

5.Use surveys

Another excellent way of conducting market research is to set up surveys as they are an effective way to gather more information regarding your audience. Surveys are usually sent through emails and deliver the best results when they are shorter than 12 minutes

Moreover, surveys have different types of questions you can set up, but to keep everything simple and short, you should aim mainly for multiple-choice questions that regard your product. Using these types of questions lets you find out more about what your audience might think about your product and even allows you to ask them what you can improve. 

Surveys are not only easy to set up, but they are easy to complete as well. As long as you aren’t making them long and asking complex open-end questions, they are an effective way of learning more about what your audience may think of your product before it launches. 

6.  Set up a competitive analysis 

Before your product launches, you want to identify who your competitors are. Competitive analysis helps you do this by researching the major competitors in the market in order to gain more insights referring to their strategies, sales, and products. 

It’s not a brilliant idea to launch a product and not know who your competitors are. You may be asking why? It’s because you may have fewer features in your product and fall behind. 

However, when you conduct a competitive analysis, you can ensure you are either in front of your competitors or have all the qualities they do in your product. 

7.  Conduct A/B testing

If you want product validation, ensure you conduct A/B testing before the launch date. You can do A/B testing with your target audience and find out what they have to say about your product. Here are a few things A/B testing will help you identify before launch date:

  • Does the consumer need this product?
  • Who are my best consumers when I release this product? 
  • How big is the market I am entering? 
  • Can consumers identify what the benefits of my product are? 
  • What kind of problem is this product solving? 
  • Are all the features working right? 
  • What is the degree of success I can achieve with this product?  

Validation can only be discovered once you let others use your product. Launching the product before conducting A/B testing isn’t a good idea, as you never know what kind of issues might arise with it. Furthermore, most companies will conduct A/B testing before they launch a product, but some actually won’t do this and it’s a huge mistake.

Wrapping it up

That’s about everything on doing market research before product launch. Hopefully, you’ve identified fresh and new ideas to consider for conducting the proper market research to help enhance your product’s quality. 

It’s a good idea to take into account the amount of market research your business can conduct. Nothing is bad as launching a product forgetting to undertake A/B testing and not knowing what is wrong with your product or who your audience is. It may not sound that big of an issue, but many businesses around the world actually fail to do this.

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