4 Tips for Researching Products

Establishing a product for your retail business isn’t as easy as it might initially seem. It can feel like every idea has been done and every gap in the market has been plugged. That is not the case. So, how do you find these gaps and establish a great product? With research. Take a look at our guide to conducting product research effectively.

Define your goals

There’s no point in making broad or vague goals that have big gaps in them and lead you down the wrong road. If you are researching products you’ll need to know what you expect to get out of these products. Don’t worry about the point of the product like bringing light to the home for a lightbulb. You will need to know how many sales you expect to get, who you will reach, where you will sell, etc.

If you’re looking to make important goals, you might want to look into making SMART goals. SMART stands for Specific, Measurable, Achievable, Relevant and Time-bound. This will help you to make sure that you’re not wasting time on the wrong thing. Specific and Measurable will make sure that you have a goal that isn’t too broad or just an idea, like “a million followers or sales”. Achievable goals are goals that will not be unrealistic or too easy. Relevant goals are goals that have a clear use in the contribution of the business plan or operations overall, and Time-bound goals have a deadline to keep you on track and motivated.

Profile your users

A demographic is hugely important to any business and so you will need to get to know them. Research your customer and create a profile that would put serial killer detectives to shame. Understand what your customer will buy your product for, what is their budget, what is their lifestyle, what age are they, what do they do on the weekend, etc. Make your profile as detailed as possible. You’re going to want to get started on this as soon as possible, perhaps before you even have a product so as to keep an open mind about who your customer is. You might even find that this research steers you in another direction, perhaps into a gap in the market.

Know the trends

We don’t mean stay on TikTok, but instead to regularly engage with your industry’s cultures. Read trade magazines, keep an eye on the news, listen to relevant podcasts, and yes, follow relevant social media. Keep note of any trends that could help you in the future, even cultural trends. Cultural trends can then inform your future marketing campaigns, such as feminism trends and the idea of the pink tax pointing to women buying more men’s shaving products, or the rise in dietary allergies causing people to buy more glutton-free food, for example. For some initial ideas, take a look at this site that details the Top 10 Lists of the Best Products and Services.

Convert research into actions

But there’s no point in so much research without any action. Once you’ve got your research put together, boil it down to a few major themes and trends that you can then turn into actions in the company. An obvious example would be if you find a gap in the market for, from the examples above, an affordable women’s shaving kit. You’ve noticed trends, you’ve tapped into the culture, you’ve found a niche and now you can steer the product toward that.