How top product designers use market research to churn out hits (…and get rich doing it)

Welcome to The Innovators Insight.

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Do your product launches feel like shouting into the void?

You spend months perfecting your latest product.

You stay up night after night, pouring your blood, sweat and tears into it.

The big launch day finally comes. You unleash your baby out into the world, proud as can be. Then...

Nothing.

Crickets. Just a few pity sales trickle in while you stare at the numbers in disbelief.

It makes you want to pull your hair out...

How could this great product you were CERTAIN would kill it turn out to be such a flop?!

You are NOT alone, my friend.

The ugly truth is 7 out of 10 new product launches fail miserably, according to Harvard Business School.

But why? How could so many smart entrepreneurs work so hard on products that fall flat on their faces?

Here's the deal:

Entrepreneurs develop products based on ASSUMPTIONS instead of proven market insights.

They operate on opinions instead of evidence. On guesswork instead of customer feedback.

And without systematic market research, even the sharpest entrepreneurs misjudge customer needs, willing-to-pay, product-market fit and the competition.

The result? Wasted time. Wasted money. Wasted opportunity.

But it doesn't have to be this way...

Here are 6 battle-tested ways to use market research to develop winning products again and again:

Go DEEP into your customer's mind

Forget simplistic demographics.

Leverage:

• Interviews

• Surveys

• Ethnography

…to unpack your customers' innermost:

• Desires

• Emotions

• Motivations.

Map out their journey to purchase.

Find their hidden pain points.

Understand what delights them.

This allows you to craft products that hook them on an emotional level - forming an unbreakable bond between customer and product.

Test concepts BEFORE you build

Don't develop products in a vacuum.

Float multiple concepts in front of real potential customers early and often.

Get clear data on which specific concepts create the most excitement and enthusiasm.

This ensures you only pursue ideas validated to align with your customer's true wants and needs.

Prototype and test like a mad scientist

Make paper prototypes.

Then 3D prints.

Then functional models.

Get them in people's hands quickly.

Obsess over feedback with each iteration.

Let your customers guide the evolution.

This "fail fast and iterate" approach prevents costly pivots late in development.

Size up the TOTAL market opportunity

Research the total addressable market across regions, segments and channels.

Vet assumptions through primary and secondary research.

Do pricing studies to model market share.

This gives you the confidence to boldly invest, knowing the upside.

Calculate full customer LIFETIME value

Don't just estimate the initial transaction value.

Factor in repeat:

• Purchases

• Referrals

• Ongoing monetization

This unlocks optimal pricing insights.

And it also reveals the highest ROI partnership opportunities.

Launch, then continuously OPTIMIZE

Once live, gather feedback and reviews rapidly at scale.

Monitor social media closely.

Dig into usage analytics.

Watch for surprising patterns.

Use these insights to constantly refine:

• Pricing

• Features

• Messaging

• Positioning

Rapid iteration helps you stay ahead of customer needs and ahead of competitors.

Final thoughts

Now you have the blueprint.

Put these market research secrets to work to create products that change lives while growing your bottom line…

The world is waiting for your breakthrough.

Go make it happen!

Talk soon,

Roy

Whenever you're ready, there are 3 ways I can help you:

1. Raise crowdfunding: We can help you turn your product prototype into an investible asset. If you’ve got a working prototype, and need funding to scale, send me a direct message on Linkedin (click here) saying “funding” for more details on how we can help.
   

2. Validate your physical product concept: Got a concept (napkin sketch or full concept design) for a killer product? We want to see it. Click here to submit it for review.
   

3. Free Guide - Crowdfunding 101: How to prepare your physical product for a crowdfunding campaign. Click here to learn more.