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Why You Should Do Market Research Before Product Launches

By Jose Roman in Marketing, SEO

A lot goes into product launches, from research and development to manufacturing and marketing. If you're launching a product, here's why you should consider using an advertising agency to do market research before you launch.

Learn Your Customers

When you're launching a product, you need to know who you're designing that product for. Understanding your customers allows you to understand what they want out of your product and what you should focus on during the design process. Learning about customer behavior and targeting customers based on behaviors is helpful in maximizing ROI. Unfortunately, about 76% of marketers don't take advantage of behavioral data to create targeted ads, according to Smallbizgenuis.

Learn Your Competitors

Odds are your product has some competition, so market research gives you a chance to learn about your competitors before you launch your product. You don't want to make a product that's too similar to a competitor's, and you can also solve problems that your competitors aren't solving with your product. Competitor research can help you get a leg up on the competition, which is why it's one of the biggest reasons to hire an advertising agency for market research.

Learn the Market

You don't want to launch a product in a dead market, which is another benefit of doing market research before you launch. Finding a balanced market can help you maximize profits without going against the biggest competition. If there's no demand for your product or there's already a product just like yours on the market, you may need to go back to the drawing board.

Perfect Your Product

Once you've done market research and gathered information about the market, your customers, and your competitors, you can use that information to refine your product launch. Even if you don't need to make major changes to your product based on feedback, you can use market research to change the way you launch your product and use an advertising agency to market it.

Product launches require a lot of work if you want everything to go right. The good news is that an advertising agency can help you make the most out of your next product launch with a little market research. If you're planning a product launch, consider hiring a company to conduct market research before you launch. Contact the experts at Tagline Media Group for advertising services that can help your business grow.