How To Find GAME-CHANGING Products Through In-Depth Product Research

Conducting product research is essential for maximizing profits, but it’s also important because you never know when an item will be the next big thing. Research can help find items that are about to explode in popularity so you don’t miss out on potential profit!

Research Guidelines for Product Managers

And although your tastes are an excellent place for starting this process, don’t limit yourself by only researching items that meet these criteria alone!

Tap into the collective intelligence of your company

The process begins with a story

Lots of moving companies charge added fees just so clients can have someone come over and take care of their Internet setup. Great internet services, however, takes care of the entire process: from picking up and dropping off to running speed tests and helping with difficult tech problems at a reasonable cost. Determining the cost and keep it minimized than the competitors can be a game-changer.

Observe your potential customers

  • Focus groups/interviews (nothing beats face-to-face feedback);
  • Social media listening (on Facebook, Twitter, etc).

Define your target customer profile

Learn how your product fits into the current market landscape

Get a feel for the competitive landscape

You should also learn about best practices around building this type of application. For example, mobile apps are becoming more popular than desktop apps nowadays so there might be different standards you should follow to stay competitive.

Define your target market

Number of users

Type of users

Demographics

For example, mobile apps have become more popular than desktop ones lately so you should start looking into this new audience channel as well.

Location

  • Setting up a survey through one or another website you know how to do;
  • Visiting their home (remember there are UserTesting type websites for this);
  • Reading comments from forums where your target customers may be discussing topics relevant to what you’re all about;
  • Using your social media listening skills (for example, monitoring tweets by adding relevant keywords to your TweetDeck or HootSuite accounts).

Demographic trends

Psychographics

When it comes to mobile apps this information may also help us understand where the application should be placed on a device. For example, business applications should go in the business folder and social apps should go in the app store’s social section.

Define a specific product feature you would like to build

On average, only 35% of new products survive. Just think what that percentage means — 65% will never see the daylight! Don’t waste a lot of time and money designing or developing something nobody needs as when it fails you’ll be losing your customers too.

Doing proper research upfront saves a huge amount of resources and gives much more chances for success. Here’s the list of things to consider in this phase:

Target market

Do you think that the demand will grow over time (mac apps have lower installs than mobile or desktop ones)? Is it possible that they might need something different from what you are envisioning?

Competition

Don’t waste time and money on something that will eventually become obsolete. On average, companies keep losing customers at a rate of 5%-10% per month! That’s why you should always be constantly improving your product or service to retain existing users and attract new ones.

Differentiators

Be sure that whatever UVP you come up with is easily noticeable and distinguishable as if it isn’t, then users won’t have any reason to choose your product over anyone else’s. If you can’t come up with the main differentiator right away, then look at competitors’ websites and catalogs for inspiration.

Problem

Conclusions

Most eCommerce tools, social media, music streaming services as well as health & fitness applications have a lot of commonalities between each other and most importantly — they solve many universal problems. Here’s a shortlist that could give you some more inspiration :

  • E-commerce (Amazon, eBay)
  • Social Media (Facebook, Instagram, Twitter)
  • Music Streaming Services (Spotify, Apple Music)
  • Health & Fitness Applications (Fitbit, Google Fit)

After this brief analysis, you’ll be able to see that many apps and websites solve the same needs of their users. The most successful game changer outdoor products usually have a main unique value proposition that helps them stand out against all the competition. They may offer something flexible, accessible, or easy-to-use which can’t be found on any other similar platform.

Originally posted in: https://dropshipusa.io/blogs/news/how-to-find-game-changing-products-through-in-depth-product-research

Freelance Writer | Entrepreneur | Digital Marketer