Jodie Shaw
Jodie Shaw
When launching a new product to market, it’s imperative to be prepared with relevant information. You need a deep understanding of your market, how your products will benefit that market, the potential challenges you might run into, and much more.
This is why it’s so important to write an in-depth, professional, and relevant market research report. Not only to gather and display all the right information but also so that you can share that information clearly and easily with people within and outside your organization. This is important for a wide range of different reasons.
In this article, we’ll look at why market research reports for product launches are so important and show you how to do it as effectively as possible.
Conducting a detailed and relevant market research report before you launch your new product is a good idea for all kinds of reasons. Here are some of the main ones:
Discover ideas for new products and how to improve existing ones. When you research your target market, you’ll likely stumble upon inspiration for new products in addition to the one you’re planning to launch. The feedback you get from your research will also be laced with ideas for improving and tweaking existing products
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In the rest of this guide, we’ll show you what you need to do to ensure your market research report is as detailed, relevant, and valuable as it possibly can be. Let’s start with the type of information you need to include.
This is a crucial part of getting to know your customers and the different groups they fall into. You should start by researching your target market members as much as possible through a range of channels — interviews, social media research, email surveys, and more. Then, divide them into demographics and create a detailed persona to represent each one.
This is an incredibly valuable step because it allows you to break down your market and make broad predictions about each group’s preferences, pain points, habits, and desires. If done right, this helps you target your future marketing much more accurately and effectively.
Getting to know your competitors is a key element of market research. It allows you to understand what you will be up against when launching your product and what segments of your market might be easier or more difficult to sway from their loyalty to your competitors.
Your research report should contain detailed information about each of your competitors and what they offer. What do their products lack that yours can provide? Why do your customers go to them? How dominant are they in your market? What kind of loyalty do they command? What are some of the keys to their success? All this will help you understand what you’re up against and strengthen your chances of success.
Much of your market research will involve talking to various people and groups of people in situations like focus groups, interviews, and surveys. It’s important to document this side of your research carefully and include it in your market research report. Be sure to break down the people you spoke to into demographics and be as specific as possible — try to align this with your buyer personas.
This will help you understand what different demographics want, identify any areas you may have missed, and see any opportunities for segmentation or expansion, as well as providing clear visibility into your research process and allowing you to justify your findings and decisions to other company members carefully.
When you present your market research report to decision-makers in your organization, their primary concern will be what you want to do with it. Research is only valuable if it has a practical application, which should be a key element of your report.
It’s best to be specific — create plans and roadmaps for campaigns, build strategies, and include timelines and carefully researched cost estimates. If you can present a clear and viable plan for your product launch, it will be much easier to gain the support and buy-in of the higher-ups in your company. Be ready to defend and justify these plans.
There are two main types of research you’ll need to do when preparing your market research report: primary and secondary. Here is the difference:
One of the most essential functions of a market research report is to convince your company’s key stakeholders that you are prepared for a product launch and have everything in place to begin the process successfully.
When creating your report, you should always have this goal in mind. Here are some ways to do that:
A well-researched and detailed market research report is an essential part of a successful product launch strategy. It allows you to clearly understand your market, formulate concrete plans and strategies, and gain the support of your organization’s decision-makers.
Without one, you’ll be plunged into the dark, facing the monumentally challenging task of launching a product without the support of extensive research and data.
To find out more about how Kadence can help you prepare a market research report and launch your product with confidence, contact us.
Keep up to date with the latest insights from our research as well as all our company news in our free monthly newsletter.
We’ve been working with Kadence on a couple of strategic projects, which influenced our product roadmap roll-out within the region. Their work has been exceptional in providing me the insights that I need.
Senior Marketing Executive
Arla Foods
Kadence’s reports give us the insight, conclusion and recommended execution needed to give us a different perspective, which provided us with an opportunity to relook at our go to market strategy in a different direction which we are now reaping the benefits from.
Sales & Marketing
Bridgestone
Kadence helped us not only conduct a thorough and insightful piece of research, its interpretation of the data provided many useful and unexpected good-news stories that we were able to use in our communications and interactions with government bodies.
General Manager PR -Internal Communications & Government Affairs
Mitsubishi
Kadence team is more like a partner to us. We have run a number of projects together and … the pro-activeness, out of the box thinking and delivering in spite of tight deadlines are some of the key reasons we always reach out to them.
Vital Strategies
Kadence were an excellent partner on this project; they took time to really understand our business challenges, and developed a research approach that would tackle the exam question from all directions. The impact of the work is still being felt now, several years later.
Customer Intelligence Director
Wall Street Journal
