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Product Development: How to Plan, Conduct and Use Market Research Data

Market research is essential for entrepreneurs. Taking the time to figure out which markets or customers will benefit most from your products or services will improve your business...

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7. Analyze the Data

Review your data and unearth the compelling story it tells. Visualize your data, using free tools like Tableau Public or Google Fusion Tables. Consider how your findings compare to your initial thoughts about what the data would reveal.

8. Develop a USP

Now, use your data to refine your offering. Start with creating a USP (universal selling proposition) to set you apart from your competition. It should indicate the central attribute that your product or service delivers on, whether it be amazing customer service, devotion to saving the environment, or simplicity.

The data you have collected, along with your business goals, and information on your target audience should help shape your USP. If you’re still having trouble developing a solid USP, research the USPs of other companies to draw inspiration.

9. Position Your Product or Service

Once you establish your USP, you have to figure out how to create the image or identity of your USP in the minds of your target audience. This process is called positioning. The methods you use to position your product or service should reflect your target audience, their likes and what they would be most receptive to. Positioning will impact your product packaging, marketing and advertising, design and even price.

10. Develop a Value Proposition

The final step is to develop a value proposition. A value proposition is exactly what it says—a proposition of a product’s value. It is a promise to your customer that this value will be delivered, which is essentially the reason why a customer decides to buy your product or service.

Some basic examples of value propositions include speedy delivery, safety, or durability. Your value proposition should be communicated early and often.

What steps do you take when using market research to drive product development? Let us know in the comments section below.

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Photo: Tableau

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