Product Development Research

What does product development research include? How do you start doing this kind of research? If you want to know more about this, keep on reading.

Product Development Research

To begin, product development research refers to the process of creating a new product or service. In terms of marketing, it would be considered as the first step in the process. This is why this process should be done before putting effort into the development of a new product.

So, the main goal of this research is to produce a product that is worth your efforts. This is done through comprehensive research about market trends and consumer behavior. Hence, you will be able to determine if your product is needed or not by the public.

There are two main types of product development research: primary and secondary research.

Primary Research

Primary Research includes different kinds of methods used to collect data such as interviews, observations, and surveys among others. It involves the actual observation of people using your product and their reactions towards it. This can be done through market research, focus groups, in-depth interviews, and others.

Then, the focus here is on your target market’s perspective on your product as well as their likes and dislikes on it. The aim is also to find out what they need from your product or service and how they may change their buying behavior regarding it if there are changes in its features or price.

Further, primary research also focuses on how target customers can make use of your product or service for their needs or requirements. You can use this kind of research to validate your idea for the creation of a new product or service. Of course, based on market needs.

Secondary Research

Secondary Research is mainly used for validating the results gathered from primary methods such as surveys and observations. Especially if you do not have enough resources for conducting this kind of study yourself. 

Further, it helps in providing information that may be difficult to gather from asking consumers directly about their preferences and perceptions. This is towards an existing brand name or products in general. Especially when there are already existing brands that are already popular among consumers in the market today.

The Importance of Product Development Research

So, why is this important? Firstly, it helps you determine the viability of your idea for the creation of a new product. This means that you will be able to determine whether it is worth pursuing or not.

What can be considered a viable product? It means that this product has already been validated by the market. So, you will know whether your product can be competitive in the market or not.

Then, it helps you determine the possible profit that you can earn from your product. Hence, it helps you determine how much money you can spend on its development.

Further, it also helps you determine the possible risks that may involve the manufacturing and marketing of your product in the market. If these risks are low, then it would not be that difficult to proceed with this kind of research.