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When developing a new product/ service, when is the right time to survey the target market?
In this economy (and especially for start-ups) primary research can be expensive, so it serves all involved to plan strategically. Market research is often used in a (research &) development application, but when is the best time to survey? Pre-product conception? Product launch (in a Beta form)? Post-launch?
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5 Answers
Always, I would say. You should focus on the goal, not the mean. After all, what you want is feedback from your innovation, the survey, instead, is a mean which may be relevant or not.
The goal, after all, is feedback for the innovation. Then, when do you need feedback? all the time. What changes is the medium to obtaining this feedback and the resources available, and there is not standard recipe for that. For instance: A couple of expert opinions might be more valuable at the design phase, and crowdsourcing would be more appropriate for polishing details at the beta phase. A small focus group with trend setters would be valuable for the look and feel, and so on.
The best time to carry out primary research is at the start-up stage as this is when it is still cheap and easy to implement change, whether it is to the product, business plan, marketing or target market. It is vital at the pre-startup stages you have a good understanding the needs and wants of your target market as it can be the difference between success and failure when your product/service penetrates the market.
But market research should still be carried out regularly after this initial stage as the market (consumer tastes, competition etc) changes frequently, making it so essential to evolve with the market.
Primary market research can be conducted for affordable prices online, so it maybe worth getting some quotes to find out the best deal for you and your project!
Good Luck
In this economy primary research can be expensive. True, but so can so mistakes. Poor business decisions can bankrupt a company. Primary market research, if done properly, can give objective information to decision makers and provide important perspective to balance their gut feel or anecdotal evidence. Any stage in the product life cycle can benefit from market research.
However, market research done properly has many details. Research design, target audience and actual sampling techniques, and data interpretation. For example, paradigm shifting product concepts probably should not be done among average consumers because these people cannot necessarily get their head around the new concept within the the time of a brief survey or interview. In this case, perhaps it is best to target earlier adopter types. The details of how that targeting is done is important as well.
You absolutely have to consider the market before you get too far into the process. I would say you should learn as much as you can about the things you don't know, including product development and launch, especially if that's what your new venture will entail. I'm in the process of starting my own business and product. Andrea Belz' book Product Development has been a tremendous help to me as I've put the pieces in place for the launch. http://belzconsulting.com A mentor recommended it to me and I'd highly recommend it to anyone who doesn't have an MBA and is making a go of a new product launch on their own.
The right time to survey potential customers and current customers is BEFORE you begin working on the product. The inputs you receive about what problems your market is experiencing should inform the direction you take.
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