When launching a new product to market, it’s imperative to be prepared with relevant information. You need a deep understanding of your market, how your products will benefit that market, the potential challenges you might run into, and much more.
This is why it’s so important to write an in-depth, professional, and relevant market research report. Not only to gather and display all the right information but also so that you can share that information clearly and easily with people within and outside your organization. This is important for a wide range of different reasons.
In this article, we’ll look at why market research reports for product launches are so important and show you how to do it as effectively as possible.
Why market research reports are important
Conducting a detailed and relevant market research report before you launch your new product is a good idea for all kinds of reasons. Here are some of the main ones:
- Get buy-in from senior decision-makers. When launching any product, you’ll always want the full support of the top decision-makers at your organization. This can be a tricky thing to acquire, especially if your team is relatively unproven. A detailed and informative market research report can be the deciding factor in winning their support, convincing them that your product is well-placed to succeed, and making it much easier to achieve your goals.
- Learn more about your customers and target audience. One of the main reasons to conduct market research is to understand your prospective customers in more detail. The work you do to compile a report will give you a clear and detailed understanding of what your customers want, what they already like, where they conduct their own research, and much more. This will arm you with the insights and knowledge you need to launch your product confidently and successfully.
Discover ideas for new products and how to improve existing ones. When you research your target market, you’ll likely stumble upon inspiration for new products in addition to the one you’re planning to launch. The feedback you get from your research will also be laced with ideas for improving and tweaking existing products
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How to write a market research report effectively
In the rest of this guide, we’ll show you what you need to do to ensure your market research report is as detailed, relevant, and valuable as it possibly can be. Let’s start with the type of information you need to include.
What you need to include:
This is a crucial part of getting to know your customers and the different groups they fall into. You should start by researching your target market members as much as possible through a range of channels — interviews, social media research, email surveys, and more. Then, divide them into demographics and create a detailed persona to represent each one.
This is an incredibly valuable step because it allows you to break down your market and make broad predictions about each group’s preferences, pain points, habits, and desires. If done right, this helps you target your future marketing much more accurately and effectively.
Understand your competitors
Getting to know your competitors is a key element of market research. It allows you to understand what you will be up against when launching your product and what segments of your market might be easier or more difficult to sway from their loyalty to your competitors.
Your research report should contain detailed information about each of your competitors and what they offer. What do their products lack that yours can provide? Why do your customers go to them? How dominant are they in your market? What kind of loyalty do they command? What are some of the keys to their success? All this will help you understand what you’re up against and strengthen your chances of success.
Who did you talk to?
Much of your market research will involve talking to various people and groups of people in situations like focus groups, interviews, and surveys. It’s important to document this side of your research carefully and include it in your market research report. Be sure to break down the people you spoke to into demographics and be as specific as possible — try to align this with your buyer personas.
This will help you understand what different demographics want, identify any areas you may have missed, and see any opportunities for segmentation or expansion, as well as providing clear visibility into your research process and allowing you to justify your findings and decisions to other company members carefully.
Clearly show what will happen next — how will you use your findings?
When you present your market research report to decision-makers in your organization, their primary concern will be what you want to do with it. Research is only valuable if it has a practical application, which should be a key element of your report.
It’s best to be specific — create plans and roadmaps for campaigns, build strategies, and include timelines and carefully researched cost estimates. If you can present a clear and viable plan for your product launch, it will be much easier to gain the support and buy-in of the higher-ups in your company. Be ready to defend and justify these plans.
Primary vs Secondary Market Research
There are two main types of research you’ll need to do when preparing your market research report: primary and secondary. Here is the difference:
- Primary research. This refers to the first-hand information you have gathered during your research — straight from the primary source. Examples include interviews with individuals, focus groups, surveys, and information from sales teams. It helps add a human touch to your research, incorporating real people’s distinct voices and opinions.
- Secondary research. This is data that your company didn’t personally collect but is available in the form of things like public records, trend reports, and market statistics. While it lacks the specific human element of primary research, it’s a great way to gain valuable overall insights about your target market without having to conduct huge research projects yourself.
Convincing company decision-makers with your market research report
One of the most essential functions of a market research report is to convince your company’s key stakeholders that you are prepared for a product launch and have everything in place to begin the process successfully.
When creating your report, you should always have this goal in mind. Here are some ways to do that:
- Always clearly tie your research for business outcomes. For every conclusion your report reaches, explain what this means for the business and what concrete actions you will take as a result.
- Use as many stats and as much hard data as possible. Clearly express this data in the form of graphs and other visual aids. Show where your data came from, how you collected it, and how your findings will impact your product launch.
- Consider using Porter’s 5 Forces Model. This business model is aimed at understanding and explaining the fundamental market forces at work in any given industry. It can be illuminating to tie your research into this model.
A well-researched and detailed market research report is an essential part of a successful product launch strategy. It allows you to clearly understand your market, formulate concrete plans and strategies, and gain the support of your organization’s decision-makers.
Without one, you’ll be plunged into the dark, facing the monumentally challenging task of launching a product without the support of extensive research and data.
To find out more about how Kadence can help you prepare a market research report and launch your product with confidence, contact us.