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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 de...
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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 informati...
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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 ...
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Conduct market research and gather data
Market research provides critical information about your market and business landscape. This information is useful when trying to position products or a brand in the market
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- Business and product strategy. As a principal engineer, it’s important to understand the overall strategy for your group and what you can do to support the goals it’s trying to achieve.
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