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What are the core objectives of market research?

What are the core objectives of market research?

When a great idea for a brand-new product takes hold for a business, it can be easy to jump the gun and immediately start planning and briefing in designs to get the ball rolling as fast as possible to get said product to market.

However, this competitive approach can prove costly when the envisioned item not only misses the mark, but also ends up creating a massive financial loss that a business has to cover.

This is where market research can make the difference and ensure that the product you and your team have been brainstorming about can truly be taken off paper and into real life. But, what are the objectives that you need to achieve during the process?

In today’s blog, we will be taking a closer look at what the core objectives of market research are – and why you cannot afford to leapfrog this important step in product development. Let’s start with the first objective.

Determine whether there is market demand for a certain product

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Before considering any other objective, a business team needs to ask the question: do consumers need this product? Does this solve their pain points and will it make their lives easier?

Market research helps lift the veil by deep-diving into available data. Even more importantly, it can assist in pinpointing whether your ideal target consumers would benefit from using this item or items, and if they would be eager to spend funds to get this product.

If your planned product could potentially bridge a gap in the market, this means that you will be up against less competition and have an easier entry into a consumer pool that is ready for a brand-new innovation.

Clarify whether a design is unique – or if it has been done before

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The last thing any business aims for is to have a product created that is quickly being called out for having been “done before”. Even worse, when copyright claims follow, it could damage a business’s reputation beyond repair.

Therefore, even if your product is in a generic category, market research can help establish its authenticity. This is where your industrial design team will play a key role: they have their fingers on the pulse of the design world and will easily be able to advise whether a design trend has already been exhausted in your niche or if something similar exists already.

Minimise potential risks

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Over and above identifying copyright issues as discussed above, market research can help address several issues, such as:

  • What are the financial implications of creating my product, and could my business minimise certain expenses to ensure high-quality results without a loss in profits?
  • Will the production of my product have any adverse effects on the environment or the community? What can my team and I consider for minimising our impact?
  • Are there potentially some solutions that I can consider to minimise overhead costs, such as outsourcing certain or all elements of production?
  • Is there room for reducing material use and costs?

For the latter especially, an industrial design team can advise the best course of action – often fuelled by doing rapid prototyping to create initial product examples that can show where designs can be tweaked, improved and made better.

Assist in making sound decisions when it comes to product range additions

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Have you ever seen a brand introduce a new product offering in an established line, which simply didn’t last long or really hit it off with consumers? Market research can help you pre-empt any decision that might not work in your favour. Whether you tap into your consumer market and ask for their feedback, or review case studies for more guidance, it is important to consider your target audience first before spending time, money and effort on your team’s behalf to create something that might not even survive past introduction.

How to do market research

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Now that we have pinpointed some of the core objectives of market research, let’s dig further by looking at key techniques that can assist you to make the most of your market research.

Surveys

In-person surveys are always a primary objective, as this will help you to determine someone’s reaction to certain product points, what their feelings are about a product and whether they feel comfortable with its overall design.

Granted, if in-person is not possible, online surveys can work, provided that respondents are aware of why they are doing the surveys and how the data will improve their overall experiences. Be careful to not be intrusive if the overall interaction will be online – especially when it comes to email surveys.

Focus groups

When observing consumers among their peers, there is a lot more room for interaction and discovery, as people will also be engaged in bouncing ideas and feelings off one another. This can provide a more rounded picture of how your product could be received by bigger audiences, and how you could refine it to make it more lucrative.

Competitive landscape research

Reviewing your competitors’ current and past launches, designs and reception of products will give you insight into how you can prevent any mistakes or improve your offerings. Did consumers feel a product was too “flashy” or difficult to use? Did they feel these products were expensive and not worth the price tag? Make these considerations part of your data gathering.

Product trials

Want to test out a product in real life? Limited run products can help you determine whether you need to improve, change or develop new alternatives.

Final thoughts

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Market research is a key part of your product development. Make time for it, and your chances for success will significantly increase as you have achieved your core objectives and will be better prepared to go to market with a viable product.

If you are a potential client and you are ready to experience an exceptional journey of design for your next project with amazing results, contact us today. We would love to hear from you and to provide the personal touch that we have become known and respected for as one of Melbourne’s leading industrial design teams!