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Market Research
Market research, for Product Managers, is an absolute necessity for success.
Much of the time, you’ll find that your company has already outsourced your market research to a firm. But if you’re working on your own project or at a smaller startup, you might find this responsibility falling into your lap.
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Different Types of Market Research
- Exploratory Research: Finding out the nature of the problem and asking yourself if it’s extensive enough to be worth solving.
- Competitive Analysis helps to understand the territory of your competitors. It is vital before you decide how to approach development.
- User Insights. You need to know who your customers are before you can build for them. User insights influence every part of product development.
- Beta Testing or an MVP will ensure that you’re building your product in the right way.
- Segmentation. The act of separating your users into specific segments will help you to understand them better.
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5. Segmentation
The act of separating your users into specific segments isn’t only useful for marketing. It’s also an extra step into properly understanding your users. People in Europe may use feature a more than feature B.
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4 Steps to Lean Market Research
- User personas. User personas can help to put a face to your customers. It helps you to understand their motivations, their problems, what they enjoy and what their economic situations are.
- User surveys. Online surveys are popular to gather information. It is very useful in the beginning when your operations are more bootstrapped.
- User interviews. Face to face interviews are more in-depth and help you understand the habits of your customers on a personal level.
- Focus groups are useful when you have something to test. You get to observe your potential customer's reactions to your product.
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What to Do With the Data
- Qualitative vs Quantitative: Use these two types of data to complement each other and lead you to insights.
- Democratise your data: Nearly everyone working in product development will need access to your market research at some point. Ensure the data is available and accessible to your teams.
- Market segmentation: Narrowing down the target market of your product or service can help you when launching something new.
- Data visualisation helps you to break down your data and communicate the insights gained from it.
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