Step-by-step business product development (2)

25/08/2022
  • Let´s resume this interesting series of posts about step-by-step product development. This time we are going to deal with the research side.

  • This article corresponds to the second post of a complete series, so we recommend that you start by reading the first part. 
     
    In it, we lay the foundations on which we will move forward, explaining what product development is and what is the methodology we are following.
     
    However, if you are only interested in product and market research, you can read this post independently and it will make sense on its own.
     
    With that said, let's not waste any more time and get down to business.
  • Market research in product development

  • This is one of the most critical steps in the process. Keep in mind that from here you will draw many conclusions regarding project viability in the medium and long term.
     
    This phase is also known as validation, since it is a process by which we will check whether the idea we have in our heads, the hypotheses we have put forward, can take shape in a product people are willing to pay for.
     
    Here you are going to have to pull in a variety of resources, both quantitative and qualitative ones (especially the latter). Many of the CRO tools can be useful to you.
  • What you should keep in mind is that this type of study is not binding. That is to say, no matter how much someone shows an apparently solid interest, you should not count on the results as closed sales. There are many factors and brakes when we move from the theoretical to the practical.
     
    There is also an important recommendation in all market research and product development: select the sample of your studies well. This implies that you will have to search a little harder, but going to friends and family can ultimately produce a bias that distorts the results.
  • #1 – Surveys and forms

  • We are talking, for example, about presenting your idea to a group of potential users within your ideal target group.
     
    Create surveys and distribute them within this segmentation. You can do this online with solutions such as Typeform, which facilitates dissemination, collection and analysis of data.
  • #2 – Trends on Google or Amazon

  • Observe search trends in Google Trends, something that will always clear up doubts about users' interests.
     
    Check which are the best-selling products on Amazon. Whether we like it or not, this marketplace is a reference in terms of e-commerce. Search for products similar to the one you have in mind and look at their sales volume: this is a clue as to where the market is moving.
     
    If, in addition to this, you dive a little into reviews and opinions, you will find some revealing insights into what the customer is looking for, their expectations and what they are missing. You can use tools like Helium 10, which has some free options.
  • #3 – Keyword research

  • Of course... The famous keyword research is also a great indicator of where the market may be heading. I recommend a free tool that we have told you about before: Ubersuggest. You can extract valuable information from Google and Google Ads thanks to it.
     
    But, this is important, check other search engines beyond Google, and other intentions beyond purchase. It is important that you understand that there are times when you are not researching the market for an existing product but a need to be filled.
     
    Here I am going to advise you to try Keywordtool.io, which handles suggestions from multiple engines: search engines like Bing, marketplaces including Amazon or eBay, social networks, Google and Apple app stores... Very deep, really.
     
    Pay special attention to YouTube, because it is a search engine widely used in the product discovery phase. It never hurts to watch a few unboxings to take the pulse of the public's opinion
  • #4 – Start a crowdfunding

  • This is one of the most powerful tools that community management can offer. Crowdfunding, by definition, is about generating pre-sales and, moreover, it is linked to success. This means that there is no risk in using it to validate and develop a product: if there is no interest, you are not obliged to move to production phase.
     
    As you can see, it is not only a good way to finance yourself. It will also help you in product development, even when you are starting from a concept or a prototype. Validating a product in this way minimizes the financial risks to practically zero.
     
    There are platforms to choose from, some more specialized in a type of product than others, but you can look for example at Verkami, indiegogo or Kickstarter (to name some of the most important).
  • Did you find this post interesting, do you want to know more about step-by step product development? Then, pay attention to our blog, there are still posts left in this series!

  • Image | Unsplash.

Laia Ordoñez


Laia Ordóñez is a copywriting & eCommerce content marketing expert. She is Content & Marketing Manager at DueHome, a copywriting & content independent advisor, and Oleoshop's blog's editor-in-chief.

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