How can industry-specific research inform your product development?

1 Market size and trends

Before you start developing your product, you need to know how big and attractive your potential market is, and how it is evolving over time. Industry-specific research can help you estimate the market size and growth rate, as well as the key drivers and barriers that affect the demand and supply of your product. You can also use industry-specific research to identify the emerging trends and innovations that are shaping the future of your market, and how you can leverage or adapt to them.

2 Customer segmentation and personas

To create a product that meets the needs and expectations of your target customers, you need to segment them into meaningful and distinct groups based on their characteristics, behaviors, and goals. Industry-specific research can help you define and profile your customer segments, and create personas that represent their pain points, motivations, and preferences. You can also use industry-specific research to understand how your customer segments differ across regions, channels, and contexts, and how you can tailor your product accordingly.

3 Competitive analysis

To position your product in a competitive market, you need to know who your direct and indirect competitors are, and how they compare to you in terms of strengths, weaknesses, opportunities, and threats. Industry-specific research can help you conduct a comprehensive and objective competitive analysis, and identify the gaps and niches that you can fill or exploit. You can also use industry-specific research to benchmark your product against the industry standards and best practices, and learn from the successes and failures of your competitors.

4 Product testing and validation

To ensure that your product delivers value and satisfies your customers, you need to test and validate it before, during, and after the development process. Industry-specific research can help you design and conduct effective product testing and validation methods, such as surveys, interviews, focus groups, usability tests, beta tests, and feedback loops. You can also use industry-specific research to measure and evaluate your product performance and outcomes, and make data-driven decisions and improvements.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?