01. Market Research
Analysing Marketing Strategy for New Product
Before getting into the development of your product, we first have to understand its market fit. In this first phase of product launch, we will analyze the following.
- How many people is your product solving a real problem for?
How many people buy competitive/comparative products?
If your product is well suited for a very large (mass) market, we’ll need to narrow down the most important segment of the larger market so we can develop your product to address the specific problems of that niche.
Competitive/Comparative Product Analysis – What are the features, packaging, and price points of products already solving the same or similar problems, and what are the sales channels they are using to reach customers?
Customer Reviews – What do customers of other products like and dislike about those products. You can tell a lot about what customers are really looking for from reviews. Can your product solve a problem they’ve been explicitly asking for?
Competitive Advantages Of Your Product – What is the value your product brings to your target customers and how does it stand apart from competition?