The world is constantly being flooded with new products of all shapes and sizes. Whether it’s a non-stick pan, a workout machine or a new technology, the success of these products is, in many cases, determined long before their launch.
To better ensure a successful product launch, exploratory research must be conducted at the very beginning and validated throughout the process. This includes gaining an understanding of the overall condition of the market and learning what products and services your customers need to help them solve the real-world struggles they face within their businesses.
According to Harvard Business School professor Clayton Christensen, of the 30,000+ new products that are introduced yearly, 95% fail. A percentage this high indicates that companies aren’t performing the necessary steps to conduct proper product market research.
Product managers, whose sole responsibility is orchestrating the development of various products, often times let their strategy fall to the wayside. In fact, a survey from Pragmatic Marketing Inc. revealed that only 28% of product managers spend any time strategizing, while the remaining 72% spend their time on tactics and execution. This lack of planning could explain why many new products often don’t succeed in their respective markets.
Rather than make assumptions about what you believe your SMB customer needs, take the time to discuss it with them directly. This can be done through customer surveys and focus groups. Consider the following questions:
- What problem(s) will this new product ideally solve for them?
- What capabilities are they looking for in a new product?
- What products are they currently satisfied with and why?
- How can those products be improved?
Hear local businesses tell their stories, as we help you answer these questions and investigate other ways you can use customer-centric techniques to reduce churn and increase engagement at our upcoming LOCALOGY ENGAGE: SaaS/SMB event in Washington, D.C. on June 3-4, 2019. If you’re interested in attending use my code 200DINAN and get $200 off your registration.
