Discover how product research can help your business develop a successful product, minimize risks, and stay ahead of market trends. Learn why outsourcing product research with Katrium is the key to smarter decision-making and to your product success.
The Importance of Product Research
Have you ever seen a product that you thought would do well and was a failure or the opposite,a product that you thought would perform poorly and was a success? The success or failure of a product can be related to its product research in some ways.
We know that it is important for every business to collect customer feedback, but what about product feedback? While discussing product launching, research goes hand in hand with it. When you do product research based on what your customers want or need from this kind of product and what the market is already offering, then you are able to enhance your product.
Methods of Product Research
Product research collects opinions from consumers with the aim of understanding about the kind of product they require, enabling companies to identify the needs of the target customers and through the use of research and consumer data, companies can determine if a product is likely to be successful and if customers will buy it. The research is based on the product design, functions, usability, and need. Methods include prototypes, conduct surveys, perform A/B tests, and even conduct performance evaluations helping to assess the effectiveness, customers reactions, and how to enhance it.
Timing of Product Research
To avoid the chances of failure, this research is done before, during or after the launch of the product to determine the changes that need to be made to the product. This is because knowing when and how to research can make a big difference between a successful launch and an unsuccessful one.
Product Research: Key to Success
According to Clayton Christensen, a professor at Harvard Business School, 95% of the products that are introduced each year fail. The answer is given by Svafa Grönfeldt, faculty member for MIT Professional Education’s online program: “many innovations fail because they introduce products or other solutions without a real need for them. There’s no market for the solutions they’ve created”. (Source). With a strategic product research, you can guarantee you business can:
- Understand your customer needs and expectations
- Identify market trends and gap in opportunities
- Reduce risks associated with product launches
- Improve product-market fit
- Gain a competitive advantage
Why Does Efficiency in Product Research Matter?
Not conducting an efficient research during the phases of the product life cycle can have serious consequences:
- Market Mismatch – Misaligned products lead to poor sales and wasted investments.
- No needed product – Without accurate data, businesses often invest in unnecessary launches and products that customers do not desire or have already tons of in the market.
- Weak Competitive Position – Competitors who research better win more customers and have a bigger market share.
- Customer Dissatisfaction – Products that don’t meet expectations diminishes brand trust and loyalty.
Should you outsource?
Conducting product researching in-house can be complex and exhaustive. Outsourcing allows your business to leverage expert insights and advanced tools while focusing on improving the product.
- Expert Market Intelligence – Industry specialists can help identify emerging trends and customer expectations spotting market gaps, giving you a competitive advantage.
- Access to Advanced Research Tools – With tools like AI-driven analytics, surveys, and competitor analysis, you have the guarantee that the data collected is precise.
- Cost-Effective – Reduce your operational costs and adapt research efforts as your business scales.
- Competitor Benchmarking – Gain strategic insights into your competitors and refine your product positioning and market strategies.
- Faster and More Accurate Insights – Get real-time feedback on your product performance in order to improve it before launching.
Success in Product Research with Katrium
At Katrium, we provide comprehensive research solutions, helping businesses develop products that truly resonate with what their target audience expects. Our services include:
- Market & Consumer Research: Our service provides comprehensive information about the market situation and consumer preferences and behavior, giving you an understanding of the demand for your product and where your company’s operations should focus
- Product Research: We investigate user experiences regarding the functionality of your product, enabling us to develop them to better meet the needs of customers.
- Customer Satisfaction Surveys: By studying the satisfaction of your customers with the products offered, you can identify potential areas for improvement and problems.
- Competitor Analysis: By studying your competitors, you gain valuable information that can help you improve your products. What do they do differently? How are they successful? How do you compare to them?
Achieve Product Success with Katrium
Successful products don’t happen by chance — they are built on strategic research and real customer insights. Whether you need support with research, surveys, or competitor analysis, our expert outsourced services deliver tailored solutions to your needs. Ready to develop market- winning products? Contact us today to discover how our services can help your business to develop better products.
