Importance of Market Survey before launching a product

Importance of Survey While Launching a Product

After years and months of hard work and sleepless nights that went into manufacturing your product, it can be disheartening to see that it is not as successful as you hoped it would be. The world is a huge market place full of numerous products. Thus, in order to succeed, it will be essential for you to ensure client satisfaction and delight. If you are wondering why the success rate is not as much as you anticipated, the answer is that, your product, as wonderful as it is, did not meet the expectations of the public. The best solution to this problem is to conduct surveys.

Whatever the nature of your product is, feedback is essential to help you grow. The best feedback to act upon is obviously from the users. If you are launching it across a wide base of audience, the only way to receive quality feedback is through surveys. You might have the option for your users to send you feedback, but practically in the midst of the hectic lives, most people will not voluntarily offer feedbacks except in the case of surveys.

What You Need to Know

Conducting surveys without a proper goal in mind will be pointless. You need to be clear on the inputs required. You need information on what your customers feel about your product and here are the parameters your questions should be based upon:

  • Quality

This is probably the most important aspect of any product that you launch. The features and utility of your product will determine how the reception is going to be from the masses. You can frame questions from different angles in context with quality.

  • Pricing

Affordability is a factor that people associate closely with a product. The feedback that you receive will tell you if you are providing quality that is worth the price you have rated your product at.

  • Position

Competition is what today’s world is all about. You can receive valuable data on where your product stands in comparison to similar ones in the market today.

Choosing the Audience

The audience are the most integral part of your survey, and it is vital that you pick a portion of them who can, in fact, help you out rather than misleading you with information they are not clear on themselves. Now this selection will depend on the nature of your product. For example, if your product is a chocolate, the best bet would be kids and young adults or if it is baby product, you need to survey young mothers. It is also important that you frame just a few good questions that are straight and to the point, making the concept of survey mutually easy.

Acting on the Feedback

Now this is going to be the toughest part of the entire process. You will most probably receive varying opinions, some totally opposite to each other. Segregate opinions into similar groups and act on what most of the feedback says. You need to remember that aiming towards satisfy everyone is like building a castle out of thin air. Your product needs to be satisfying and fulfilling to a wide range of audience and that will help you scale great heights soon.

When you are releasing a brand new product into the market, the response might be overwhelming at times. You must be capable of handling the reactions of public and work on the criticism part and henceforth improve accordingly. The downside to this wonderful method of surveying is that if you do not find the right audience or frame questions that raise confusions, the feedback that you receive will not be authentic and genuine. In fact, it will go against the idea of improvement and might even lead to heavy losses in popularity and finance.

Keeping in Touch

We live in a fast paced world where preferences and trends change at the bat of an eyelid. You need to keep constantly updating not just yourself but also your product to suit the demands of the present day audience. What was successful a few years before may or may not fly high today. To find out if changes need to be done, you need to survey regularly and keep in touch with your audience. By doing this, you are letting them know that you are open for change and are looking for ways to serve them better and this, in fact, can be a huge plus for your organisation.

So, put your thinking cap on and come with a few crisp questions that will help you improve and let your audience know that you care!

About Nakul Mehra
Nakul Mehra is the CEO of Vizz Media - a Customer Engagement Solutions company and founder of Survtapp - Customer Experience Platform. He has over 10 years experience in building and executing B2B Communication Strategies and Developed Platforms for Web & Mobile Communication. He's worked with over 500 brands across the globe including BMW, Merck Serono, UCB, Sterlite & Europ Assistance. A passionate entrepreneur he believes Data Collection & Marketing Automation are essential tools for any business to succeed and likes to write on real business applications and ideas based on experience.