BI Blog

First off, understand your competition

The biggest obstacle to your product selling well will be the competition. While research firms can help you to understand this side of the discussion, you should look to better understand who your competitors actually are.

It would help if you took the time to look into the alternatives to your product on the market. Ask yourself this: if your product did not exist, what would you turn to as the alternative?

Review the competitor’s products and their marketing materials to help you understand what they say and focus on the target audience. Then, you can make sure you do not simply follow the same script and come across as a lesser alternative to the already-present competition.

Next, understand your target customer

While products can be bought by any number of people, you will have a ‘target’ customer in mind. Your analytical market research should give you an idea of your ideal customer. This will give you an idea of things like age range, occupation, location, and a few other determining factors. A market research study of who you should be targeting is very important.

Your marketing should be targeted and focused on this kind of person. This will help to keep your marketing focused and thus more likely to provide tangible results. One thing to focus on especially, is what features are missing on competitor products. Is your target market asking for that feature? Well, now you know to work that into your product offering.

Understand what makes your product unique

Even if you believe that you have no competitor, it is almost certain that you will. A market research provider will be able to help you understand what makes your product stand out from the solutions already on the market.

Again, this will involve customer research so that you can understand what problem(s) your product solves. Then, it would be best if you looked at what the current products on the market are incapable of providing. This is your unique value proposition (UVP), and it is vital to giving your customers a reason to choose you over the competition.

Determine the most effective marketing methods

Not every individual will be as receptive to every kind of marketing. For example, if your product is aimed at senior citizens, you might find that running TikTok ads is a waste of time. Why? Because TikTok is more or less entirely aimed at the younger generation.

By the same token, focusing your marketing on paid search engine advertising when your product is aimed at youngsters might not be as wise as you think. You need to determine what your best marketing strategy is going to be. By hiring a market data analysis of your potential customer base, you can use the marketing methods that align with them.

Basically, how can you make sure that your marketing methods are seen and visible to the people who matter most?

Moving forward

Armed with the information above, you can take a meaningful shot at improving your lot as a business. These essential market research steps ensure that your product launch speaks to and aims toward the right kind of person. In time, this makes it more likely that your product launch will be a success.

Competitive market intelligence will be essential to building a long-term plan for your product launch. By understanding your competitors, your customers, your unicity, and your marketing options, you can ensure you avoid wasting valuable time and resources chasing the wrong people on the wrong platforms.