LONDON–(BUSINESS WIRE)–A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on 3 ways market research can help build a flawless product strategy. This article covers:
- Why product strategies often fail
- How market research can help build an efficient product strategy
“Most product failures and lack of customer adoption occur due to inaccurate data and research about the product, market, and the target consumers. This results in building a product that customers do not need or does not meet customer expectations,” says a market research expert at Infiniti Research.
Market research supports the creation of a definitive product strategy, helping exceed business targets. Request a free proposal to know more about how our market research solutions can help your business.
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How market research can help in building a product strategy
Understand consumer needs
An ideal product strategy must emphasize on the needs of customers in the target market. Market research plays an instrumental role in identifying and analyzing these needs. This knowledge allows for understanding the underlying customer preferences and the impact of the product strategy on the business. Products can then be customized to accurately meet the customers’ needs.
Identify market entry opportunities
Market research in product strategy can be used to evaluate the market entry prospects of a business. Whether a business is interested in markets with high growth rates, or a mature market that needs innovation to revitalize growth, research will help determine which market is a better fit. When entering a new market, it is vital to look beyond just market analysis and ascertain what the target consumers actually want. A market research study is one of the best ways to solve this challenge while developing a product strategy.
Understanding competitor offerings is essential for businesses to differentiate their products from their rivals. The ability to grab customers’ attention as quickly as possible determines how successfully a business can compete in the market. Furthermore, effectively communicating how the business’s products are different for the better gives an added competitive advantage. Using market research, brands can understand their top competitors in different product categories and also gain comprehensive insights on how concentrated the market is.
Not sure on how to determine the right product strategy for your business? Infiniti’s market research engagement can help. With data and analysis covering several industries in 100 countries globally, we help develop an ideal product strategy by analyzing key markets for entry, competitive analysis, surveying consumers, and identifying underlying consumer trends. Request for more information.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us