Looking At Markets And Products Through The Other Side Of The Lens

Looking At Markets And Products Through The Other Side Of The Lens

It can be tempting to assume that a product or service which delivers something truly new and interesting will inevitably succeed in the marketplace. The fact is, though, that history is littered with interesting seeming products that met with more or less nothing in the way of a reception. That might be a disheartening realization for some, but the fact is that it reflects a basic misunderstanding that is relatively easy to correct.



The truth is that products become most likely to succeed when they specifically address existing needs and wants that are not yet being catered to. That can seem like a fine distinction to make compared to designing and delivering a product with an inherently novel feature or trait, but it actually involves a dramatic shift of perspective. Instead of beginning from a focus on a product and how it might advance the state of the art, the far more successful approach, in most cases, is to see what the market is clamoring for and produce something that reflects those findings.



Instead of beginning with brainstorming as to how a product might be made better, that means starting from a different launching point entirely. With only the market itself being able to say what kind of product might be needed at a given point in time, doing extensive research to figure out the situation should be considered more or less mandatory.



Not every company, of course, is equipped to handle this internally. Fortunately, finding and working with a capable research company is typically all that it takes to reveal such facts, and doing so can easily turn out to make the difference between a hit product and a middling one.



The average market research company will have a wide range of tools to use when seeking out such discoveries, any mix of which might be most appropriate for a given industry and market. A simple online focus group, for example, can be an accessible, cost-effective way of figuring out what kinds of problems market members regularly encounter and struggle with in their own work, and that can lead to plenty of new opportunities of other kinds, as well.



Oftentimes, then, the best first move is not to sit down and think about ways that an existing product could be augmented such that it will stand out, in general, from others already on the market. Instead, it will often make more sense to contract with a market research company to figure out what potential customers most need in order to fulfill their own goals.

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