Why is market research essential to product development?
Some of the most successful products of all time were a byproduct of months, sometimes years of market research.
Here are a three great examples:
Dyson vacuums are best sellers…
But this wasn’t always the case. It took company founder James Dyson five years of testing on 5,127 prototypes before he created the one that worked.
However, even that many prototypes wasn’t good enough for any American or European company to license and manufacture his product.
Confident in his work, Dyson created his own manufacturing operation in 1993.
By 1995, “Dysons” had become a worldwide sensation.
Got a can of WD-40 at home?
The “40” in its name comes from the fact that it took 40 attempts to create an effective degreaser and rust protection solvent.
Did you have “The Breakfast of Champions” – Wheaties – this morning?
Wheaties were “discovered” after some brand gruel was accidentally spilled onto a stovetop at The Washburn Crosby Company. The gruel crackled into flakes which tasted far better.
36 attempts later and the company had developed a tasty flake which wouldn’t crumble when boxed.
The odd one out
Of the three products I’ve just mentioned, one was never meant to be used as we know it:
Originally developed for the aerospace industry, WD-40 proved so popular among company employees, it was packaged in aerosols and sold to the public from 1958.
I’m not suggesting you look for alternative uses for whatever you sell.
But finding out what your customers think about your product or service – both before you launch it and “now” – is essential for you to be able to make sure-fire decisions.
How do you find out?
Use market research and, where relevant, “In-Home User Tests” (IHUTs).
This research may sometimes yield things you’d never have thought of.
And these unexpected insights could lead you to discover alternative uses for your product / service, new functionality to add, etc,
But please remember the quality of your surveys’ results depends on the quality of your surveys.
Expert Market Research Partners
So if you’re not absolutely certain you can handle it, partner with ROI Rocket.
Here’s what some clients – people like you – have said about us over the past 20 years:
“Always provided us with great quality research and friendly, prompt communications.” – Retail Practice Area Specialist, Top-3 Management Consulting Firm
“Extremely helpful and went above and beyond to help deliver the best possible survey outcome for us” – COO at Venture-backed Consumer Products Company
“I continue to appreciate the data quality with ROI Rocket. Making strong recommendations to the client is so much easier when you truly trust in the data.” – Leadership Executive Fortune 250 Company