5 Essential Research Steps Before You Launch

When you have a product, or are creating a product, don't overlook the basic research steps in your rush to get to market. Doing it won't slow you down, or tell you thing's you don't want to hear - remember knowledge is power - and having it gives you the best chance to deliver something to a market that actually wants to buy it.

1.?? Define Your Customer:

Understanding your potential customer is the absolute key to a successful product launch – don’t be tempted to overlook this part and assume you know, or worse think you don’t need to know – that your product will automatically find customers. Create a detailed picture or ‘buyer persona’ of your customer, that includes demographics, preferences, pain points, and aspirations, you need to be able to talk to them in a way that shows you understand who they are and how your product fits into their life. Conduct surveys, interviews, and market research to gather invaluable insights into their needs and desires.

2. Establish Your Potential Market Size:

Understanding the potential market size for your launch provides a clear indication of your potential to make money and how much. You need to understand this key piece of information to make realistic decisions on pricing, potential profit and scalability. Utilise market research tools, industry reports and competitor analysis to gauge the demand for your product, a lot of this is readily available with a bit of Google searching. Plus, you can identify niche segments and potential opportunities within your target market that you had not previously considered.

3. Find Your Competition:

It’s so tempting to pretend you don’t have any competition! Even if you don’t have an exact competitor, marketplaces are always competitive and you really need to know what’s out there competing for the same space as your product. Understand the competitive landscape allows you the opportunity to differentiate your offering. Identify direct and indirect competitors, analyse their strengths, weaknesses, pricing strategies, and market positioning. Find gaps in the market and use them to evolve your product to meet that gap or tailor your marketing message.

4. Determine Your Optimal Price Point:

Getting the price right requires a delicate balance between perceived value and market dynamics i.e. what the customer will actually pay. ?Conduct pricing surveys with potential customers, look at competitor pricing strategies and evaluate your production costs to determine a competitive AND profitable price point. If you can, consider dynamic pricing models and promotional strategies (discounting, special offers), that allow you flexibility to adapt to market fluctuations and changing consumer behaviour.

5. Find Where Your Customers Are and How They Want to Be Spoken to:

When you begin to create a marketing strategy, you can prevent a lot of wasted time and money by understanding where your customers hang out and how they prefer to be spoken to. It’s about understanding their digital rhythms, social haunts and preferred communication style. Whether they're scrolling through Instagram feeds, devouring podcasts on their morning commute, or engaging in lively discussions on niche forums, the key is to meet them where they are. But it's not just about location; it's about language too. Are they looking for witty banter, informative insights, or heartfelt stories? By understanding their communication style and preferences, you'll forge deeper connections and resonate authentically with your audience, fostering the ‘Know, Like, Trust’ philosophy, which also makes them more inclined to want to buy from you.

Do the research! Defining your target audience, assessing the marketplace, analysing the competition, establishing a realistic price point and having a targeted marketing strategy, gives you a solid foundation to grow your business successfully.

Remember, the journey doesn't end with the launch; it’s the beginning of an ongoing dialogue with your audience, continuous innovation and adapting to ever evolving market trends. Embrace feedback and stay attuned to the needs of your customers to grow long-term relationships with them and a thriving business.