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Product Development Trends: Save Time and Money Using Rapid Research
18/01/2023
When it comes to product development, there are four distinct phases that are generally overseen by a product manager. They are exploration, ideation, creation, and validation. Every stage of this process can benefit from the right type of qualitative market research. The biggest challenge, however, is that research takes time, and you don’t have enough of it. This lack of time can lead to more expenses in the long term. It is very common for tech companies to spend months building a product, only to find out that users don’t enjoy using it. Then they repeat this process of product rebuilding and feedback generation all over again, wasting more time and money. This is where rapid research can help. Rapid qualitative research puts emphasis on your target users, helping you understand what is useful to them and why, and that too, speedily. In this blog, we will discuss how availing rapid research service can help you save tons of money and time during your product development stage.
Importance of Rapid Research
Rapid research, as the name suggests, aims to shorten qualitative market research timelines to generate actionable data more quickly. Short study periods, interactive methods, team-based research, and iterative data gathering and analysis are all common components of rapid research. This particular research method can significantly speed up your product development process, given that project managers will have access to near-real-time data to act on, as far as consumer preference and product improvements are concerned.
How to Save Time and Money Using Rapid Research
Here is a four-step rapid research approach that will help you save time and money on product development:
Put your customer experience first
Even after spending millions on product research and engineering, business owners frequently fail to build a consumer base. Of course, those things are critical, but a client base is what actually matters. Many inexperienced business owners treat a digital product like a physical one! Before they even know whether clients want to buy, they try to sell it. The alternative is better -- which is to learn as you go by testing and using tools rather than creating a product from scratch. Understanding exactly what your customers desire will help you create the products they require.
Build an MVP
The true essence of building an MVP (minimum viable product) is to test your idea and determine if the market really wants to use your product. To do that, first create a sign-up landing page and start collecting feedback. The idea here is to give your potential customers a detailed description of the products and services you intend to offer. Mention the value that you intend to provide along with a call to action to encourage sign-ups. By monitoring how many people respond to the call to action, your business can more accurately gauge the level of interest in what you are creating. Next, it’s time to complete the major part of the actual product development manually, based on user feedback. You can then conduct direct customer surveys and interviews to further decode your potential customers’ expectations.
Test user acquisition
To determine whether you should continue to develop a product, you need to test user acquisition. There are several ways to proceed, including the creation of numerous sign-up pages that may be experimented with different demographics. Spread your acquisition budget among social media sites like Facebook, Twitter, and Instagram while concentrating on different targeted demographics to learn how they each react to your offer. On the sites, you can try numerous social ad campaigns for each category to ascertain the viability of your offering.
Review and Build What Your Customers Want
Now comes the time to analyze the data you collected from your acquisition tests to create a product that your customer want. The key here is to have enough data from real consumers who discuss their preferences, opinions, struggles, desires, and lifestyles. This will allow you to have an accurate image of what your potential customers really want. This information then serves as the blueprint for your product, giving you the assurance that your product resonates with its target market.
Final word
Rapid research, just like any other qualitative market research method, helps organizations improve their product development cycle and take better-informed decisions in a short time frame. This particular research methodology can be extremely helpful, especially if you have time constraints. At the same time, it is crucial to work with an experienced rapid research company that can help you conduct the right quality of relevant studies to make informed business decisions. When looking for a proven rapid research agency, look no further than Novus Insights. We are a leading global research company offering world-class rapid research support to help you stay on top of your decision-making processes. For more information about our rapid research services, call +91 124 414 2292 or email contactus@novusinsights.com. You may also fill out our contact form, and we will get back to you at the earliest.
