The introduction of a new product to the market is a complex process that requires careful planning and analysis. We all know that, however, it is a true challenge, especially for young brands. Even an innovative product must face dynamically growing competition and changes in customer preferences and needs. The solution lies in a well-thought-out marketing strategy that starts from the moment of product launch. How can you plan effective marketing actions and direct them toward the right target group? Learn how to implement a new product into the market successfully.
Introducing a new product to the market – setting objectives
The first step in the process of introducing a new product is to define objectives. Clearly defined objectives help us understand what we want to achieve by launching the product on the market. Survey research comes to the rescue by providing information about customer preferences, expectations, and the problems the product can solve. At this stage, it is crucial to identify the target audience, i.e., the people who are most interested in our product. By pinpointing a few key customer segments, you can focus your marketing efforts on the right group of consumers, increasing the chances of success.
A new product on the market – designing the survey
Precise survey design is extremely important to obtain reliable and valuable data. It is essential to avoid leading questions or those leaving room for interpretation by respondents, as they could undermine the credibility of the survey results. The survey should include different types of questions, such as closed-ended questions (e.g., multiple-choice questions), open-ended questions (allowing respondents to freely answer), and rating scales (for measuring satisfaction levels or preferences). Acquiring appropriate data will enable drawing valuable conclusions and better decisions for your organization.
Analysis and interpretation of market data – survey tools
After collecting data through surveys, it is necessary to analyze them. This will provide valuable information about customer preferences and identify key trends. Analyzing the data can reveal which product features are most desirable and which ones need improvement. Interpreting the results will lead to essential conclusions and allow for adjusting the marketing strategy to the real needs of customers. For this purpose, you can make use of additional features that distinguish Vivelio from other survey tools, such as behavioral indexes or the possibility of observing the respondent’s decision-making process. Insight responses enable understanding the context in which the respondents answer the questions and reveal hidden factors that may have influenced their responses.
Product implementation and result monitoring
After launching the new product on the market, it is essential to monitor the results and customer reactions. Surveys can still be valuable at this stage, allowing you to track customer opinions about the product. These opinions may lead to the need to make potential changes to the offer to better meet the market’s expectations. Monitoring results allows quick responsiveness to changing customer needs, vital for new product success in a competitive market. Share data across departments, and use diverse charts in presentations to highlight new product opportunities, threats, strengths, and weaknesses. Learn more about Vivelio’s market research capabilities in the customer research section.
Minimize market risk with Vivelio
In summary, introducing a new product to the market is a process that requires proper preparation and analysis. Survey research is an invaluable tool in this process, helping to define implementation objectives, identify the target audience, gather valuable data on customer preferences, and monitor the results after product launch. Through surveys, you can better understand customer needs and tailor your offer to their requirements, resulting in customer satisfaction and increased sales. So that is why survey research is a vital element in the process of introducing a new product to the market and should be taken into account by companies operating in the marketing industry. The Vivelio system, which allows for reproducing the customer’s decision-making process, enables even more precise analysis of the obtained data and, consequently, reduces the risk when making decisions.