Product Research: Why It’s Important And How To Do It

Product research is the act of gathering information on established or potential products, as well as from the consumers that use them.

For companies, this is an essential part of creating, launching, and improving products.

Today, we cover the process in more detail.

Why Is Product Research Important?

Product research is important because it gives you ideas for the products you might sell yourself. Looking into what already exists on the market, as well as what consumers are lacking, can give you profitable ideas.

No need to reinvent the wheel here, as good product research will show you what people are willing to pay for. 

In addition, product research gives you a competitive edge. Just as you might go to your competitor’s website to see exactly how they present themselves online, taking a look at their product gives you insight into the sort of business model they have.

Copy what works, and improve what doesn’t!

How To Do Product Research

Ready to get started?

Here are three methods you might employ:

1) Use the product yourself.

Depending on the price point, using another company’s product can be immensely valuable.

It gives you first-hand experience with what your potential customers are using, and is almost guaranteed to show you what you could do better.

2) Read product reviews online.

Amazon is a gold mine for this.

Search for products in your niche, and then spend a few hours reading through reviews. This will give you valuable insight into what your prospects’ are satisfied with, as well as the gaps that you could fill with your own product.

This process is also essential in coming up with content ideas.

3) Interview your own customers.

You are probably already selling something — why not check in with the people who already purchased?

This will give you first-hand insight into what is good about your offer…and what needs some improvement. It will also help you construct buyer personas.

Give your customers an incentive for feedback and make it anonymous for the best results!

Are you looking for help growing your online business or nonprofit? Give us a shout! We provide a free consultation. Email us at info@lughstudio.com!