Developing a Product that Target Market will Love

New product development and target market research
Well when an organization, small business is considering innovating a new product or enhancing an existing product, it considers several things like its competitors, target market, available technology, financial resources, potential shelf life so on and so forth. All these elements plays vital role in success of any product/service.

Out of all these, the most important is “Target Market” because
it decides who is going to be the leader in terms of profit, market share, quality, satisfaction so on and so forth. Now imagine you have a product that features almost all the attributes that target market associates with a product. That would mean you have far greater chances to lead market in terms of market share, profits, sales, customer satisfaction, quality etc. 

Now the question is of "How ?!", well that’s not something really difficult, I am going to provide an approach, a framework  that deals with the "How" part and yeah it will deliver, if you follow the guidelines in this approach, frame work.

Framework for Assessing Target Market


Target market research methodology for new product development

Secondary data analysis

In order to understand and fully assess the target market you have to carry out thorough assessment of your target market, the best way to do that is to begin with already available secondary data, this would help you to understand your target market in terms of qualitative aspects (qualitative research)  and quantitative aspects (quantitative research). It has been proven that qualitative and quantitative researches can help you understand markets, its structure, competitors, trends and consumer behavior, attitudes (1).

Therefore conduct the qualitative and quantitative assessments of secondary data to come to vital “understandings” regarding consumer (target market) in relation to your proposed new product. 

Remember the larger the data collected the better will be the "understandings".

Primary research

These “understandings” are the essential basis for your primary research that is the second step, the purpose of primary research (qualitative and quantitative research) is to confirm the validity and authenticity of theses “understandings” and to add “newly identified understandings” (during primary research).

Remember the larger the sample the more reliable the results.

Product development based on those understandings

In the end of this whole process you will have a very thorough and rich list of what target market would like to have in your proposed new product/service and thus you will have a clear picture on what to focus in developing a new product or enhancing a product. 

This framework or research approach can also come in handy when you (organization) wants to move a product/service to entirely new market (another region), by working on this framework you can position your product/service according to that market needs/desires, through integration of “understandings” in your marketing strategies for that market.

Likewise it can also help you to cut the unnecessary costs (market oriented production approach) and focus on things that would earn you customers.

And research costs a lot but if you can't afford it or you want to do it by yourself but you don't know how, then subscribe as I will be providing methods, how to's related to qualitative/quantitative research in layman language, because that's what easy marketing aim is, to give you stuff that is easypeasy to implement.

References


1.      Proctor, T. (2000), Essentials of Marketing Research, Pearson Education Limited, Essex.
      

About Publisher Arshad Amin

Certified SEO Professional, Small Business, Start-up, Marketing Expert with ton's of practical, actionable ideas, insights to share, Proud Founder and Owner of www.easymarketinga2z.com and www.topexpertsa2z.com

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