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Do you do market research before launching?
Hey community, wondering what the makers think in general about market research / competitor analysis? Do you do market research or skip the stage? If you skip it - why? Excited to here about your experiences
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Alex von Reiche
Looking at competition is important. If there are no competitors, is it the wrong space or are your competitors marketing completely differently?
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@vreiche thank you, that is such a good point! For me it also is the question - why are there no competitors in the field? Am I missing something or there is a reason no one targets this market?
Of course, I always do it. Firstly, you can borrow a lot of ideas from competitors, both in terms of product and content. Secondly, build your pricing policy based on the density of competition.
@elenat thank you so much, so true!! Interesting point about the density of competition - how exactly does that impact pricing strategy?
Ofcourse, that and community building are the two things must before the launch!
Hi there! I think market research and competitor analysis are crucial steps before launching a product. It helps to understand the market demand and identify potential gaps in the market. As for my own product launch, I would love to hear your advice on how to make it successful. Also, I would be honored if you could give me feedback once my product is live. You can click on the "Notify" button to get notified when it's ready. Thank you so much in advance!
Launching soon!
We are working on the blog and will share it soon. Let me know your review on https://www.producthunt.com/post...
I think not before launching, When you thinking about building a product you must start with research. The research is early stage of growth.
I think market researcher/customer reachouts is essential but not too sure if competitor analysis is too important honestly.
@james_binton So being more focused on customers - agreed! But would love to hear more about your vision. For me it is also important to see product references, meaning - what attempts are out there on the market to address customer's painpoints. Are these attempts successful or not? Why?
Or do you think this information may be distracting?
Identify your target audience: Market research helps you understand who your ideal customers are, their demographics, interests, and pain points. This information is essential for tailoring your product or service to meet their specific needs.
Yes, before launching any product, it is important to study the market in this area, from the target audience to the penny.