Resorting to Market Research When You Have a New Product

Resorting to Market Research When You Have a New Product

In the same way as with any other business, market research is very important because from the data gathered you can tell who your potential consumers are and what you need to do to end up with a profitable product or service. When you have a new product and you want to market it, this kind of research is necessary not only so that you will be able to see which segment of the market it would work best in but also so that you will find out what you need to do in terms of how to market the product to your potential consumers. In this case, you need to consider what the people want or what they need as well as what they are willing to purchase at a price they are willing to pay.

In order to come up with a highly effective marketing campaign, it is necessary that you familiarize yourself with your target market. There is no use trying to pitch a product to those who do not belong in your target market. In this case, not only will you be wasting money but you will also be wasting precious time. When you are dealing with a new product, chances are you have more money, resources, not to mention manpower on the line and this is why market research is even more important. You need to see to it that before you launch a new product, you already know everything that there is to know about your potential consumers.

In college, I took a market research class and what I learned from it was that not only can market research save you money but it also takes only a little money to conduct it. It is capable of saving businesses at a cost that everyone can afford to pay. This is what is great about market research and this is one of the reasons why businesses should consider it. Instead of losing a lot of money because o a failed product launch, why not pay for the necessary market research and end up with profits instead? If proper market research was conducted, say for some of the brands below, then they would not have ended up with flops.

Some of these flops involved very popular brands and this is why it was such a waste for them to spend all that money with nothing gained from their efforts. The first one is Coors Rocky Mountain Spring Water where, unfortunately, people were not interested in anything that is alcohol-free from this beer brand. The next one is a toothpaste brand venturing into food items which was a bad idea from the beginning, Colgate Kitchen Entrees. Finally, there is Crystal Pepsi which is simply the Original Pepsi reformulated to be a clear soda. These are brands with large budgets but they underestimated the value of market research and this mistake led to huge losses on their part.

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