How do you conduct market research for a new product idea?

Conducting your research to find a good product market fit can be started off with underlining your objectives and what is it that you entail to achieve from your findings. Look for your competitive advantage and see how it will benefit you penetrating the market with your product. Analyze competitors, evaluate industry and customer trends, and segment the market to target specific customer groups. Test your product idea with prototypes and pilot testing, gather feedback, and refine your product accordingly. Finally, document your findings in a market research report and develop a strategic plan for your product launch and marketing efforts.

To conduct market research for a new product idea, start by clearly defining your research objectives. Determine what specific information you need, such as understanding customer needs, identifying target demographics, or assessing market demand. Your objectives should be focused, measurable, and directly related to your product's potential success. Once your objectives are set, choose appropriate research methods, like surveys, focus groups, or competitor analysis, to gather relevant data. This targeted approach ensures that your research efforts are efficient and directly aligned with making informed decisions about your new product's development, positioning, and marketing strategy.

La gran dificultad cuando nos enfrentamos a la "necesidad" de realizar un estudio de mercado, ?Cuál es el propósito del mismo?, suena paradójico pero es tan común ya que habitualmente deseamos un estudio de mercado que nos indique cual bolita mágica todo lo que necesitamos, pero presentamos serias dificultades para estructurar nuestro objetivo central y mas aún los objetivos secundarios o específicos (que derivan de este) y que constituirán en la guía para ejecutar y valorar el mismo. Entonces una pregunta para iniciar este ejercicio podrá ser: ?Qué esperamos o buscamos con el estudio?

Defining your research objectives is crucial for effective market research. Ensure they are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For instance, aim to determine the level of interest among potential customers, identify key product features, assess price sensitivity, and analyse competitor landscape. These objectives provide clarity and guide your research efforts toward actionable insights.

I absolutely live to conduct competitive analysis. For me this looks at many things. 1. Who perceived competitors are 2. Who competitors are in SERP 3. Who social media competitors are 4. Who is actually "selling" more These aren't always the same thing so examining various avenues helps identify competitors and develop an appropriate strategy.

La investigación de Mercados, para mi lo más cercano al para iniciar o impulsar un proyecto emprendedor "Santo Grial", definitivamente es una herramienta ?? clave para "poner los pies sobre la tierra" y evitar suposiciones que suelen ser muy costosas en términos de recursos. Y la pregunta subyacente ?Cómo lo hago? ?Qué consulto? ?Cuando primarias y cuando secundarias? Allí la magia y la necesidad de contar con la formación necesaria para abordar esto desde el método y la estructura propia de la investigación de mercados (minimizando la improvisacion).

I know primary and secondary research are key. I would suggest 'formal' and 'informal' are important, especially for ideas or products that are designed for public or personal use. Informal research keeps the human side front and center, which formal research sometimes can't capture.

Know the appropriate method for the situation you are facing. When investigating the product-market space, you may find exploratory techniques (e.g., interviews and observations) more useful. When assessing the size of the market or validating your ideas, confirmatory methods (e.g., surveys) should be more appropriate.

One approach that works well in market research is combining primary and secondary methods. Primary research, like surveys and interviews, provides fresh, tailored insights, while secondary research offers broader context and trends. In my experience, the choice of methods should align with research objectives. For instance, we used surveys to quantify customer preferences and interviews to delve deeper into their motivations. A strategy I recommend is starting with secondary research to inform primary research design. This approach helps focus questions, identify knowledge gaps, and ultimately leads to more efficient and effective data collection.

En la actualidad existen muchos e incluso incontables plataformas para potenciar nuestras investigaciones??♂?, sin duda el presupuesto será determinante al momento de inclinarse por alguna, pero aún con bajo presupuesto y mucha creatividad y claro esta "claridad" es posible dise?ar herramientas ?? altamente funcionales y útiles para cumplir el objetivo de nuestro estudio. Tan importante clarificar el objetivo, es como el método y de allí la herramienta ideal. ??

Crafting effective research tools is crucial for gathering accurate insights from your target market. Whether it's surveys, questionnaires, interview guides, or scripts, ensure they are clear, concise, and unbiased. Prioritize relevance and ease of use to encourage participation and ensure quality data collection. Testing your tools beforehand helps identify any potential issues and ensures they yield valid results.

One thing I've found helpful in designing research tools is prioritizing clarity and conciseness. Well-crafted questions yield more accurate and useful responses, ultimately leading to better insights. In my experience, testing research tools before full deployment is crucial. Pilot tests help identify ambiguities or biases in questions, ensuring the final tools generate valid and reliable data. A key insight I've gained is the importance of aligning research tools with objectives. Each question should serve a specific purpose, contributing directly to our understanding of the market and customer needs.

The quality of your research tools directly affects the validity of your data. Poorly designed surveys or biased interview guides can skew results, leading to misguided decisions. Taking time to ensure clarity and relevance in your tools is non-negotiable. Testing these tools before launch is just as crucial—there’s no room for error when your data informs strategic moves.

Problem: Poorly designed tools lead to unreliable data. Solution: Ensure questions in surveys or interviews are clear, unbiased, and relevant to your objectives. Use pilot testing to refine tools and eliminate ambiguity. Online tools like Google Forms or Typeform simplify surveys, while structured guides enhance interviews or focus groups. Incorporate incentives to boost participation and ensure data collection aligns with your research methods.

La etapa de recolección de datos nos presenta grandes retos, en especial en lo referido al acceso a los informantes, su disponibilidad y como no resaltarlo "la capacidad de atención". Lo antes mencionado nos reta a construir instrumentos e incorporar metodologías y tecnología que nos permita derribar las primeras barreras en l a recolección que son las asociadas a los desafíos inicialmente se?alados en los informantes. Sin embargo estas barreras no son una excusa la doblegar o "adaptar convenientemente " los parámetros éticos y legales necesarios para recolectar y tratar la información en nuestras investigaciones. #investigacion #mercados

Conduct your research: collect data from a representative sample using your research tools. Follow ethical guidelines, ensuring consent, privacy, and appropriate channels for outreach.

One time at work, I learned the importance of selecting a truly representative sample for our market research. We carefully chose participants who reflected our target customer base, ensuring more accurate and actionable insights. In my experience, choosing the right channel and timing for data collection is crucial. We found that a mix of online surveys and in-person interviews provided a balanced perspective and higher response rates. A key insight I've gained is the critical nature of ethical considerations in research. By prioritizing consent, privacy, and transparency, we not only ensured legal compliance but also built trust with our participants.

Reaching the right audience is crucial. A representative sample means you’re not just hearing from a vocal minority but understanding the broader market sentiment. Timing and channels matter too; if you approach your audience through the wrong medium or at an inconvenient time, you’ll end up with low engagement and skewed data. Respecting ethical boundaries builds trust, which often results in more honest responses.

ara validar tu propuesta de valor de manera efectiva, te recomiendo llevar a cabo entrevistas con potenciales usuarios. Es fundamental realizar un mínimo de 6 entrevistas para obtener una muestra representativa y significativa. Durante estas entrevistas, es importante formular preguntas abiertas que permitan a los usuarios expresar sus experiencias, opiniones y motivaciones de manera libre y sincera. Esto te proporcionará una comprensión más profunda de cómo perciben tu propuesta y qué aspectos consideran más relevantes.

Analyze your data: interpret and summarize the collected information using statistical or qualitative methods. Identify patterns, trends, and insights, and present findings with charts, graphs, or tables.

Data without context is just noise. The real value comes from identifying patterns and trends that drive strategic decisions. This analysis should distill raw information into actionable insights that guide product development and marketing strategies. Visualizing these findings helps in communicating them effectively to stakeholders, ensuring everyone is aligned and ready to move forward.

En la etapa de análisis debemos poner "toda la carne al asador", por tanto debemos contar con la información obtenida para ello es conveniente contar con los datos tabulados y organizados de manera que este momento sea para analizar lo cual seguramente nos llevará a nuevas hipótesis (que podemos validar o no) o en todo caso a la identificación de tendencias y/o modos de comportamiento del mercado observado. Analizar implica en este caso colocar a disposición de la investigación el conocimiento y la experiencia de los investigadores y demás colaboradores del estudio de mercado.

One approach that works well in data analysis is combining statistical methods with qualitative interpretation. This provides a comprehensive understanding of both trends and underlying motivations in customer behavior. In my experience, visualizing data through charts and graphs is crucial for effective communication. It helps stakeholders quickly grasp key insights and makes complex information more accessible and actionable. A strategy I recommend is constantly referring back to research objectives during analysis. This ensures we extract relevant insights and don't get sidetracked by interesting but less pertinent data points.

Data analysis is a critical phase in market research that transforms raw information into actionable insights. The goal is to uncover meaningful patterns, extract key trends, and draw substantive conclusions directly addressing your original research questions. Statistical methods can help you organize and categorize your data, looking for correlations, significant differences, and emerging themes. Utilize visual representation tools like comprehensive charts, intuitive graphs, and informative diagrams to make complex data more accessible and understandable. It helps translate abstract numbers and responses into clear, compelling narratives that can inform strategic decision-making for your product development and market positioning.

Great businesses are built on deep customer insights. Deep customer insights are valuable because they allow businesses to tailor their products, services, and marketing strategies to better meet the needs of their target audience. It’s important to note that the research is not an end in itself but a process to obtain actionable insights and strategies that help the founders make well-informed decisions. For a new product idea, a thorough assessment of the competitive landscape is a must. Who are the incumbents? Direct/Indirect competition? What solutions are they offering? What specific unmet needs persist? How are you going to position your offering in this landscape? A SWOT analysis of your product is a helpful tool.

En mi experiencia, en esta etapa es donde todo cobra sentido, es cuando transformaremos los hallazgos (producto se un proceso metodológica y funcionalmente aplicado) en mejoras para nuestra idea o producto. Detrás de esta inversión de recursos, esta sin duda el propósito de mejorar la idea, producto o servicio basado en el conocimiento.

Here are my tips for market research- 1. Know Your Why: Start with clear goals - validating demand, pricing, and features. 2. Pick Your Tools: Surveys, interviews, social listening - choose methods that reach your target audience effectively. 3. Craft Smart Questions: Go beyond "Do you like it?" Ask about problems, preferences, and alternatives to understand deeper needs. 4. Listen & Analyze: Don't just collect data. Look for patterns, identify pain points, and segment your audience. 5. Actionable Insights: Turn findings into concrete product decisions. Bonus: Test prototypes, involve potential customers early, and adapt as you learn. Market research is a journey, not a destination!

It would be best to talk to as many people as possible. Try to talk to competitors and their clients. You need to find out as much information as you can. This is so important because what you think is a problem may differ. All this information is essential for you to move forward.

Un investigación de mercados no debe ser asumida como un proceso lleno de limites que no permitan adaptaciones o intervenciones, pero tampoco carente de metodología y formalidad. Por esto es tan importante la definición del propósito central, la selección de las fuentes de información y la metodología a aplicar. Para que una IM aporte al negocio/idea debe contar con un proceso que inspire confianza y credibilidad.

Being aware of the changing world ecosystem is undeniable. PESTLE is the way to assess whether the ecosystem of the country in which your products/services are offered are supportive and/or favorable: 1. Political Ecosystem 2. Economical Ecosystem 3. Sociological Ecosystem 4. Technological Ecosystem 5. Legal Ecosystem 6. Environmental Ecosystem Any above factor in the ecosystem which is not favorable and/or discouraging can push your product out of the market. It is crucial to be aware of the ecosystem as any adverse factor will directly contribute either in the weakness or the threat of your company/product/service. Hence, PESTLE and SWOT analysis are to carried out periodically.

Your research must have a purpose. Ask yourself, "What do I aim to gain from this research, and how will I use it to grow, improve, or launch a product?" Be practical in your approach.