Market Research in Product Management; A Snapshot

Definition:

Market research in product management is the systematic process of gathering and analyzing data about a market, including customers, competitors, and trends. This is done to inform decisions about product strategy, development, and marketing.

Process:

* Define the Objective: Clearly state what you need to learn. Are you exploring a new product idea, trying to understand why a feature isn't being used, or assessing the competitive landscape?

* Select Research Methods: Choose the appropriate methods to gather data. This can include:

* Primary Research: Surveys, interviews, focus groups, and usability tests.

* Secondary Research: Analyzing industry reports, competitor websites, and market data.

* Collect the Data: Execute your chosen research methods to gather information from your target audience and other sources.

* Analyze the Findings: Synthesize the collected data to identify patterns, insights, and key takeaways that address your initial objective.

* Inform Product Decisions: Use the insights to make evidence-based decisions regarding the product's features, positioning, and overall strategy.

Example:

A product manager for a mobile banking app wants to introduce a new feature for automated savings.

* Objective: To validate the demand for an automated savings feature and understand the specific functionalities users would value most.

* Process:

* They conduct a survey of their existing user base to gauge interest.

* They interview a small group of users to understand their current savings habits and pain points.

* They analyze competitor apps to see how they have implemented similar features.

* Outcome: The research reveals high demand for the feature, especially the ability to set "round-up" savings from purchases and create specific savings goals. The product manager uses this data to prioritize these specific functionalities in the product roadmap.

Market Research before lunching the new product and after it:

Here’s a to-the-point breakdown of the differences between market research conducted before and after launching an app.

Market Research Before Launch

The primary goal of pre-launch market research is validation and risk reduction. It's about ensuring you're building the right product for the right people before investing significant time and money.

Focus:

* Problem/Need Validation: Is there a genuine need for this app?

* Target Audience Identification: Who are the potential users and what are their specific pain points?

* Competitive Analysis: Who are the competitors and what are their strengths and weaknesses?

* Value Proposition: What makes this app unique and why would someone choose it?

* Feature Prioritization: Which features are most critical for the initial launch?

Common Methods:

* Surveys and questionnaires

* In-depth user interviews

* Focus groups

* Competitor analysis

* Landing page tests to gauge interest

Market Research After Launch

The primary goal of post-launch market research is optimization and growth. It's about understanding how users are actually interacting with your app and how to improve their experience to increase retention and engagement.

Focus:

* User Satisfaction: Are users happy with the app? What do they love or hate?

* Feature Adoption: Which features are being used the most? Which are being ignored?

* Bug and Usability Issues: Where are users getting stuck or frustrated?

* Performance Metrics: How are key metrics like daily active users, retention rate, and churn rate performing?

* New Opportunities: What new features or improvements are users asking for?

Common Methods:

* Analyzing app store reviews and ratings

* In-app feedback forms and surveys

* A/B testing of features and UI changes

* User session recordings and heatmaps

* Monitoring analytics and key performance indicators (KPIs)