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The goal of any product development process is to launch a product with all features fully functional and an efficient market research process can help one to achieve that. Market research is the process of conducting research with potential customers to determine the viability of a new service or product. Market research enables a business to identify its target market, analyze it and have a clear understanding of the positioning of the product and how well it can solve a specific problem statement.
There are plenty of market research methods and tools that are critical for any size, industry, or type of organization. It is critical to be aware of your customers, their behaviors, their desires and requirements, and even your competition, whether you work for a multibillion-dollar corporation or a little mom-and-pop shop. And so, market research is more than a must-do step for your MVP development.
The majority of entrepreneurs are enticed to disclose their product early. However, this will only work if you can get valid inputs from early adopters who understand your vision and can see beyond the (present) restricted functionality; be aware that certain customers who lack this vision may cause you to walk in circles.
To avoid such scenarios and execute a successful MVP development, we have this guide ready for you. Let’s start with analyzing the MVP approach, before we talk about market research methods and more.
Things To Consider When Conducting Market Research
Before commencing the product development, most companies and entrepreneurs perform some type of market research. However, the thinking behind this research's technique is frequently faulty - and not targeted toward uncovering the kernel of truth that fosters effective product ideation.
Your product's user retention will suffer if the answers you're looking for don't lead to the right insights. Understanding the aim of your market research methods will help you figure out which questions to ask, and that's exactly what we're going to talk about.
Speed Doesn’t Imply Rushed
If you're looking for ways to speed up the development of your application by creating an MVP, chances are you value your time. After all, MVPs are the quickest and most efficient method to market.
Despite their reputation for speed to market, MVP apps necessitate extensive planning, careful consideration, and foresight. The app industry is continuously changing, developing, and fighting against ever-higher user expectations — it's up to you and your product to keep up. Your users, like the market and the technology that coexists with it, will not wait for you.
Understand the Exact Market Problem
First and foremost, every product begins with the discovery of a consumer pain point or broadly said, a market problem - whether through your own ideation, being confronted with the pain point in your own life, or conducting exploratory market research – the discovery of the exact market problem statement is the cornerstone of your app. In fact, it's the first stage in the creation of practically every instrument, product, or invention in history.
The reason mankind bothered to tame horses and design the wheel was to alleviate pain. If the world were only a few miles in circumference, the wheel would have never seen the light of day. There's always a better answer to pain problems, which is why goods come and go, markets change, and consumer expectations rise. It's why we're all familiar with Henry Ford's name.
Sometimes a tangential, unexpected discovery is discovered as a result of fixing a pain problem - Ford may have set out to create automobiles, but his actual legacy was the assembly line.
What do these inventions from the late nineteenth to early twentieth centuries have to do with MVP app development? They were designed to alleviate a problem rather than to entice a certain target group. And you must keep it in mind during the MVP market research.
Also Read: How Long Does It Take to Build an MVP?
Put Yourself in the Shoes of the User
You must first experience the situation in order to fully comprehend it. If the problem is a real-life one, such as finding craft beer fans with whom to trade brews, you should try out all of the beer trading options available to you.
This would mean searching for and trading beer on Facebook groups, subreddits, and other social media platforms, as well as attending local beer festivals, sampling events, and brewery events - if it involves beer, you must attend. Immerse yourself in the craft beer culture.
Don't just look for what it's like to be without a good beer trading system; become so engrossed in craft beer culture that you require a better beer trading system to keep your hobby alive.
You may begin to find out the best solution to the problem once you've actually experienced the pain point you're seeking to remedy with your MVP app. This is how the concept for Brew Trader was born.
If you have an app that you believe may be streamlined or improved by the addition of a new feature set or business model, do the same thing – but adapt it to the digital landscape of mobile app usage.
Use the app you'll be competing against in any setting possible — regardless of location, time or day, mood, or who you're with. Analyze each phase of the app's workflow and create a list or scatter plot of the app's flow.
Create your own flowchart based on your firsthand knowledge of the users' experience once you've recognised the aspects of the competitor app's UX that work and those that don't.
MVP Pain Points
Sometimes a tangential, unexpected discovery is discovered as a result of fixing a pain problem - Ford may have set out to create automobiles, but his actual legacy was the assembly line.
What do these inventions from the late nineteenth to early twentieth centuries have to do with MVP app development? They were designed to alleviate a problem rather than to entice a certain target group. Ford's automobiles were popular because they were inexpensive, and they were inexpensive because they were manufactured at a previously unheard-of speed.
Your MVP software must have the singular concentration of the wheel, and the status-quo shaking-up-ing of Ford's assembly line, in order to be successful in terms of development, budget, and marketability.
This type of inventiveness comes from a deep grasp of the problem that a target market is facing, not from knowing the consumer profile of that market.
The wheel and the assembly line are excellent examples because they were so revolutionary in their impact on the globe. However, the digital landscape (and, in particular, the app marketplace) is part of a far more complex ecosystem.
You must find the main pain points to find a solution. The answer will appear. Understanding the core of the issue is critical to determining what constitutes a positive user experience.
An efficient MVP market research, a strong social media presence, and positive user reviews and ratings will drive your product’s growth. The genuine strength of market research in MVP development comes from understanding your users' pain points, not their buyer's profile.
MVP Product Research Methods
Delivering the minimum viable product is one approach for a startup to get feedback (MVP). The MVP strategy is founded on the idea that by supplying only the features that early adopters will need, you can provide adequate customer value. You can then gather comments to help you create a better product that will appeal to future users. The MVP research methods, like other methods of gathering customer input such as -
Win-Loss Analysis
Win/Loss Analysis is a forensic market research exercise that focuses on understanding how potential customers make purchasing decisions, as well as how they evaluate your company's offering and sales technique in comparison to the competitors. Conducting in-depth telephone interviews with new clients or lost prospects is part of the process. The idea is to gather actionable data, synthesize it, and use it to help your organization achieve continuous improvement.
Beta Programmes
From a marketer's perspective, a beta is a way to get customer feedback on what they like about the product and what they think should be improved. It's also a means to back up market research and positioning assumptions.
Focus Groups
A focus group is a market research technique in which 6-10 people are gathered in a room to provide input on a product, service, concept, or marketing campaign. A qualified moderator facilitates a 30-90-minute group conversation aimed at gathering useful information. The moderator comes prepared with a list of 10-12 questions that will be shared with the group throughout their time together in order to generate thoughtful responses from all members. The moderator's purpose is to hear from everyone and to facilitate the exchange of many diverse viewpoints and ideas.
You must be aware of the issues that your market requires solutions to. You don't have to solve every problem at once, according to the MVP method. Solve the most significant and fundamental issues first, and then gather information. However, you must ensure that the basic guidelines are being followed.
To Conclude
MVP development is based on testing the product to verify its market fit. In this strategy, businesses establish their assumptions, locate the smallest possible experiment to test them, and utilize the results to guide the development process. The following are the main points to remember along with doing the market research in the right way -
- Don't provide all of the features right away
- By providing the essential functions, you can attract a growing number of consumers
- Continue to improve your product in response to client input
- Concentrate on the most important features and use the correct MVP strategy
Looking for a complete solution for MVP development to product launching? Get started with Third Rock Techno’s professional solution today. Check out our extensive portfolio and get in touch to get off on the right foot!
Krunal Shah
Krunal Shah is the CTO and Co-founder at Third Rock Techkno. With extensive experience gained over a decade, Krunal helps his clients build software solutions that stand out in the industry and are lighter on the pocket.
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