What separates good product plans, product ideas and business cases from ones that are doomed to failure?
Often the difference can be traced back to whether they were based on solid groundwork – researching the market, analysing the options and making the right decisions.
When starting any market research you will need to judge the focus you give to each of these areas according to the challenges you face with your product.
Strategic market analysis looks at the big picture for a company and its markets.
However we should really see these ad-hoc requests as part of an ongoing process of market research, analysis and proposition development that helps develop our product strategy.
Product strategy is about working out what the right product is for the business. It includes segmenting the market, deciding which customers to target and providing the input needed to develop product propositions.
These are specific questions that we or others have about our product and the market.
For example, we’re developing a business case and need to get some data on market sizing and competitor pricing to validate our forecasts and assumptions.
That’s why it’s good to set up a way of drip-feeding market information into the business.
When you’re busy there’s always a temptation to make decisions based on ‘gut feel’ but put the effort into market analysis and you’ll improve your decision making, have more successful products and be able to defend your decisions!