Innovation demands continued customer-focused research

Introduced by GLG

Profitable product improvement means figuring out what’s vital to your viewers and why — and what they’re keen to spend on it. For perception into nailing customer-focused product improvement at each stage of the method, don’t miss this VB Highlight.

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When budgets get tight, one of many first issues to go is product improvement — however innovation ought to by no means take a success.

“It’s extremely vital to proceed to concentrate on innovation, as a result of if you look to previous downturns, corporations that succeed on the opposite facet of those recessions and downturns are corporations who’re investing consistently in being revolutionary,” says Manasvi Thawani, director of analysis insights at GLG. “It helps them come out on the opposite facet and emerge profitable.”

One of many key causes is that corporations that concentrate on innovation are making ready for the long run. When the demand curve pops again up, these corporations have put in on a regular basis and assets obligatory to ensure they’re proper there with the services and products their prospects need and wish. And even when demand dips in a downturn, the demand for high quality by no means declines. Staying aggressive is about persevering with to serve your prospects with the best high quality merchandise. Lastly, it feeds instantly into aggressive differentiation.

“When your opponents aren’t investing in innovation or product improvement, it units you aside, since you as an organization are prioritizing your prospects’ wants by consistently innovating and assembly them the place their calls for are, by constantly specializing in product improvement,” Thawani says.

How do you obtain this? Buyer analysis, the guts of customer-centric product improvement, says Hungyen Nguyen, senior engagement supervisor of analysis insights at GLG.

“You’re all the time attempting to maximise what you realize about your product earlier than it goes to full launch,” Nguyen explains. “And also you’re attempting to attenuate any surprises that happen as soon as it’s in the marketplace.”

Stopping a Ticketmaster/Taylor Swift meltdown

When Taylor Swift tickets went on sale final November, the Ticketmaster rollout didn’t go as deliberate: The web site crashed, was down for hours, and tons of of 1000’s of followers didn’t get their seats.

This will likely have been prevented by a expertise answer in improvement from considered one of GLG’s latest purchasers. It’s designed to assist corporations slash web site downtime, and even cost their customers additional for uninterrupted service, primarily based on consumption wants.

The corporate wished to know if their proposed new product was viable out there: would corporations like Ticketmaster be desirous about buying an answer that would stop or shorten downtime? Which industries would supply probably the most alternative? And the way a lot would prospects be keen to pay?

GLG beneficial that two-pronged method, beginning with quantitative work to suss out what sort of worth corporations would placed on the power to slash their catastrophe restoration time, and used qualitative work to validate probably the most promising industries, what corporations in these industries have been anticipating for that new product and likewise nail down broad value ranges.

“That is an iterative course of the place you proceed to do analysis as you discover extra data,” Nguyen mentioned. After following up their findings, GLG beneficial that the corporate stroll down the highway map for product improvement to additional refine that value level with a choice-based value test, slender down the industries to focus on and uncover potential keen prospects. They ran a Van Westendorp, a technique that identifies important value thresholds.

“That helped us perceive what is affordable, however not too low cost? What is pricey, however not too costly?” she says. “That helped the pricing technique workforce give you extra advertising concepts and transfer alongside their highway map for product improvement.”

Vital product analysis at each stage

Corporations must embed analysis into the general product improvement highway map technique, Thawani provides, being very deliberate in regards to the position that buyer sentiment has within the course of, and taking every revolutionary product thought by a research-led, market-driven, data-driven method.  

“Your prospects are with you for a cause. Your opponents’ prospects aren’t with you for a cause,” she says. “Getting that unbiased market view if you’re doing an unmet wants evaluation is one of the best ways to get began in your product improvement analysis journey.”

And all through the entire life cycle of strategizing, embedding market analysis into each single step, whether or not it’s going to market, value optimization, even early on through the market evaluation, and perceive the place these white areas are, is vital.

“I discover that profitable merchandise all the time begin with very considerate analysis,” she says. “Given the Ticketmaster instance, that’s simply extra validation for us to know that buyer analysis is one thing that’s wanted on the planet that we dwell in now. It’s about incorporating analysis checkpoints into the product improvement highway map earlier than spending thousands and thousands of {dollars} on going to market, and experiencing a disaster.”

To listen to extra about data-driven market analysis, together with a take a look at the 4 phases of product improvement, find out how to increase product success after launch and extra, don’t miss this VB On Demand occasion!

Watch free on demand now!

Agenda

Figuring out unmet wants from early phases by to product launch
Methodical approaches to realize important insights
Figuring out key goal teams
Uncovering buyer wants and ache factors
Validating the potential of your product
Optimize launch and product communications

Presenters

Manasvi Thawani, Director of Analysis Insights, GLG
Hungyen Nguyen, Senior Engagement Supervisor, Analysis Insights, GLG
Artwork Cole, Moderator, VentureBeat