Are you ready to launch your dream product into the world? Before you do, you need to make sure that there’s a market for it. Do you dread doing market research before product launches because it seems tedious and boring? Fear not! In this blog post, we’ll show you how to do market research before product launches in a fun way that’ll have you excited for your next product launch.
Market research is such a critical aspect of any successful product launch. It helps you identify your target audience, understand their needs, preferences, and behaviors, and gather valuable insights about your competitors and the market. Here are some fantastic tips on how to do market research before product launches and have fun while doing it.
1. Get curious and creative
Instead of approaching market research before product launches as a dull and tedious task, get curious and creative about it. Think of it as an opportunity to discover exciting new insights about your target audience and the market. Approach it with an open and curious mindset, and you’ll be surprised at the fun and creative ideas that come to you.
2. Define your goals and objectives for launching a new product
Before starting your market research before product launches, you must define your goals and objectives. What do you actually want to achieve with your product launch, and how can market research help you achieve those goals? Next, define your key performance indicators (KPIs) and use them as a guide for measuring the success of your market research before product launches.
3. Get to know your customers like a BFF
The first step in market research before product launches is to get to know your customers like they’re your best friend. You want to understand their wants, needs, and desires. Start by identifying your target audience and then reach out to them. Ask them what they like, don’t like, and what they want in a product. Then, make it fun by adding engaging questions, like their favorite emoji or vacation spot.
Try creating a Canva mood board or Pinterest board representing your ideal customer. This could include images of their style, hobbies, and interests. This will help you get a clear picture of your target market and how you can appeal to them.
4. Go undercover and join your target audience
If you want a super fun way to get to know your target audience, why not join them? Say your target audience is a group of fitness enthusiasts, and sign up for a fitness class. If they’re pet lovers, visit a pet store. Immerse yourself in their world and observe what they’re doing, saying, and buying. Make it a fun adventure by bringing a friend along and taking pictures.
5. Host a party and invite your ideal customers
Who doesn’t love a good party? Host a focus group with your ideal customers and make it a party. Provide snacks, drinks, and a fun atmosphere. Ask them to test your product and provide feedback. Make it a fun experience by incorporating games or a raffle.
6. Play detective and spy on your competition
Now, let’s play detective and spy on your competition! Don’t worry; we’re not talking about anything illegal here. Look at your competition’s social media pages, websites, and marketing materials. Analyze what they’re doing and what they’re not doing. What do you like about their product? What do you think needs improvement? Remember to have fun with this by creating a fun spy theme.
To stand out in your crowded market, must understand your competitors’ actions. Conduct competitive analysis by researching their products, pricing, marketing strategies, and customer feedback. Use this information to identify gaps in your market that your product can fill.
P.s. If spying isn’t your thing, don’t worry about it. It is our thing. Let us do the spying for you. Take a look at our product launch packages here.
7. Get out and about before a product launch
Market research before product launches isn’t just about sitting behind a computer. To really understand your audience, you need to get out and about. Attend trade shows, conferences, and events in your industry. This will allow you to talk to potential customers and see what your competitors are up to.
When attending events, bring a notepad and pen to take notes on what you see and hear. Also, feel free to strike up a conversation with attendees and ask them what they think about your product or industry. You’ll be surprised at how much valuable information you can gather from a simple conversation.
8. Take a poll
Polls are a fun and interactive way to gather information from your target audience. You can use online platforms like SurveyMonkey or Google Forms to create a survey or take it to the streets and ask people in person. You can even use plugins if you want to keep the traffic on your website! That is what we do! We use Thrive Quiz Builder, just in case you are curious. We do not gatekeep at Launch House Co., my friend.
When creating a poll, make sure to keep it short and sweet. People want to spend way less than 30 minutes answering questions. So instead, stick to the most critical questions to help you make the best decisions about your product.
Consider offering a giveaway or incentive for participants. A great example is offering a free product or a gift card to a popular store. This will encourage people to participate and give you valuable feedback. Starbucks or Sephora gift card, anyone?
9. Gather feedback and iterate
Market research before product launches is not a one-time event; it’s an ongoing process. Once you launch your product, continue to gather customer feedback and use it to iterate and improve your product. Use social media listening tools, customer surveys, and focus groups to gather input and insights about your product’s strengths and weaknesses.
10. Use fun and creative research methods
Market research before product launches doesn’t have to be boring. Instead, use fun and creative research methods to gather valuable insights. Here are some ideas for you to get started:
- Create a customer persona board game: Create a board game that helps you understand your target audience’s needs, preferences, and behaviors. Use it to gather insights and create more accurate customer personas.
- Conduct a street survey: Go out into the streets and conduct a survey with passersby about their shopping habits and preferences. Use the information to gather insights about your target audience.
- Host a product testing party: Host a party with your target audience and have them test your product. Gather feedback and insights about your product’s strengths and weaknesses.
11. Tap into Social Media
Social media is a powerful tool for market research before product launches. By analyzing your target market’s conversations and posts, you can better understand their preferences and interests. In addition, you can use it to gather insights from your target audience and see what your competitors are doing.
Use your social platforms to ask questions, run polls, and gather feedback on your product. Social media also allows you to monitor your competitors and see what they’re up to. This can give you valuable insights into industry trends and the needs of your target audience.
Consider using Instagram or Pinterest to search for hashtags related to your product. For example, if you’re launching a new line of athletic wear, search for hashtags like #fitspo or #workoutmotivation. This will help you better understand exactly what your customers are looking for and how you can offer it to them in a language they are already speaking. Want us to do the hashtag research for you? Contact us today to see how we can work together here at Launch House Co.!
12. Use market research tools and resources
There are many market research tools and resources available that can make your job easier and more enjoyable. Here are some of our favorite tools and resources:
- Google Trends: Use Google Trends to track the search volume for your product’s keywords and identify trending topics.
- Buzzsumo: Use Buzzsumo to research trending content and social media posts related to your industry and target audience.
- Qualtrics: Use Qualtrics to create and distribute surveys to your target audience.
- Facebook Audience Insights: Use Facebook Audience Insights to gather demographic and interest data about your target audience.
13. Test your product
Before launching your product, testing it with a small group of potential customers is crucial. Use this feedback to refine your product and make any necessary adjustments. You can also use this information to develop marketing messages and create a targeted marketing campaign. Testing products is super critical in general, but doing it during market research before product launches is also a great idea.
14. Create a vision board and plan your product launch
Finally, let’s get creative! I know, we only said 13 tips, but we like to over-deliver here. First, create a vision board and plan your product launch. Use images, quotes, and colors to represent your product and target audience. Then, make it a fun activity by hosting a vision board party with your team or your close friends if you are a team of one.
In conclusion, market research before product launches doesn’t have to be boring. It can be an enjoyable and exciting process that helps you better understand your target audience and develop a product that meets your audience’s needs. Adding a fun twist to market research before product launches can make it an enjoyable experience for you and your team. So go ahead, get creative, and have fun with it!
If you are thinking to yourself, there are many cool ideas for market research before product launches. However, there is no way I will ever find the time to get all this done while doing everything else in my business, we hear you! Take a look at our product launch services here at Launch House co. We live and breathe everything launching, including market research before product launches!