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What are the most effective ways to conduct market research when entering a completely new product category?

80% of new products fail due to inadequate market research, making thorough research crucial for success.

The average person is exposed to over 5,000 advertisements daily, making it essential to understand consumer preferences.

71% of consumers trust online reviews as much as personal recommendations, highlighting the importance of online research.

Surveys can yield inaccurate results due to social desirability bias, where respondents provide overly positive answers.

Product category analysis can help identify market gaps, which can be 10-15% of the total market size.

60% of consumers say they have not tried a new product because they didn't understand its benefits, emphasizing the need for clear product features.

In-person focus groups can be biased by dominant personalities, while online surveys can be affected by fake or biased responses.

Ethnographic observation can help researchers identify unmet needs, but it requires researchers to be non-intrusive and non-judgmental.

The average attention span of an adult is 8 seconds, making it crucial to prioritize concise and clear product messaging.

85% of consumers say they're more likely to buy from a company that understands their needs, emphasizing the importance of customer-centric research.

Product features should be rated on a scale of 1-10 to provide actionable feedback, rather than relying on vague descriptions like "better" or "worse".

75% of consumers report that they're more likely to switch to a brand that offers a similar product with better features.

Analyzing the competitive landscape can help identify market opportunities, such as untapped demographics or unmet needs.

Consumers are more likely to trust a brand that admits to not knowing something, rather than providing false information.

45% of consumers say they're more likely to purchase from a brand that offers personalized recommendations.

Using multiple research methods (e.g., surveys, focus groups, observation) can increase the validity of research findings.

90% of consumers say they're more likely to trust a brand that offers transparent product information.

The most effective product categories are often those that solve a specific pain point or meet a specific need.

60% of consumers say they're more likely to purchase from a brand that offers sustainable or eco-friendly products.

Conducting market research can help reduce the risk of product failure by up to 50%.

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