Product design companies in India often depend on new product development to stay ahead of their competitors. Through product design and industrial design products, these product design companies employ resources for market research to enable judicious decision thinking for business innovation.
The best design thinking firm in India, namely the Future Factory, believes in identifying the possible risks and opportunities through market research and only then prototyping the products in real life.
What is Market Research?
Market research is the process of identifying and evaluating the feasibility of introducing a new product design. It is customer-centric and conducts various surveys to collect and document opinions and then make informed decisions.
The primary goal for any product design company that carries out market research is to understand how the target market will react to the product or service. There are innumerable ways to carry out market research. Here are a few commonly used market research methods –
- Face-to-Face Interviews – Companies were formed that would interview individuals on the street about publications they read and whether they recognised any of the ads or brands inside the ads published in the magazines or newspapers shown to them. To determine the effectiveness of those advertisements, data gathered from these interviews was contrasted with the publication’s circulation.
- Focus Groups – This refers to a small group of people who choose to try a product or service after watching its advertisement. Once done with testing, these people are asked to share their detailed feedback with the product design company about the product or any counter-competing products.
- Phone Research – This method completely transformed the market research method. With the help of telephone operators, not only is data collection easy but also organized and improved.
- Survey Research – This cost-effective way of determining the customer’s preferences and attitudes reduced the need for physical contact. This is a less intrusive method and those genuinely interested in aiding the design thinking process could share their views and opinions.
How Does Market Research Aid New Product Development?
Market research is crucial for more reasons than just determining whether your brand-new product idea is worthwhile. By closely monitoring how competitors are altering their products, you can also use it to optimize already-existing products. You might even browse internet evaluations on similar products to yours and see what specific features are customers looking for.
Be it while adding new products to an existing line, or executing an altogether new product development, Future Factory pays great attention to the current trends, customer expectations, and design research.
Since creating a new product involves more than just creating a product, market research also aids in determining how the marketing mix should be formed. Apart from the above-mentioned benefits, here are some other ways too in which market research aids in new product development –
- Gain knowledge about their target audience
- Determine the right pricing for the products and or services
- Formulate a strong marketing strategy that takes into account the market analysis and research
- Get a brief understanding of the competitor’s way of operating
As fascinating as developing new products looks, it is vital to conduct market research if you want to take your business to the next level. To know more about how the best UI UX Agency in India, like the Future Factory, creates revolutionary products and services, click here.