The Design and Development in Product Management often overshadows the power of market research. What truly sets successful products apart is their alignment with genuine market needs.
Product Managers often juggle between two main types of market research:
- Primary Research: This is like coffee chatting with potential users. It is directly through surveys, interviews, and feedback sessions.
- Secondary Research: Think of this as being the detective. You’re looking at existing clues – market reports, competitor analyses, and industry trends.
Example:
An emerging Indian beauty products e-commerce startup. (Can you identify this start-up?)
Instead of following trends blindly, they anchored their strategy in market research. The outcome? They tapped into a niche – a community passionately seeking authentic, locally sourced, organic beauty products.
That wasn’t just a strategy pivot but a resonance with genuine demand.
At the heart of every product lies the market’s pulse, captured through diligent research.
When was the last time market insights steered your decisions?