In my last article, I covered the ins and outs of becoming an online seller on Amazon. But sales and marketing are only one part of the eCommerce equation.
It is important to conduct proper market research before launching an eCommerce product as more than 95% of new products launches fail.
Proper research gets you closer to becoming part of the 5% club and allows you to find out if a product is fit for the market or not. Launching a new product without market research can result in your loss. At the same time, a well-researched product launch and data-driven marketing will improve your product launch.
With this in mind, this article will discuss four essential steps to better eCommerce product launch research. But before that, let’s get into the details of the importance of market research for eCommerce.
Why Market Research for eCommerce is Important
Conducting market research for eCommerce holds great significance. In the initial phase of your business, it’s required that you know your target audience. Without having an idea of your desired audience, you cannot do proper promotion and marketing of your products. What if you deal in luxury bags but fail to reach the elite or upper-middle class population? It’s obvious that your products will not make any sale. Therefore, it’s necessary that you know your customer base or the people you can target to ensure a good product market fit.
Besides, market research helps you to gain consumer insights, user-generated content, and improve your sales.
However, you need to know certain steps for conducting a good ecommerce product launch research. Let’s have a look at some of those steps.
The steps for a better product launch analysis:
Below are the four crucial steps for carrying out a well-planned ecommerce product launch research.
Market Research for eCommerce
Try performing advanced market research for ecommerce before launching a new product. Market research will help you know your target audience, the latest trends in the market, consumer insights, and expectations.
You can use the data and information gained through market research to know whether or not your product will be a good fit in the eCommerce industry by using text analytics tools.
You can also avail services from eCommerce review insights platforms for market research on consumer products or for monitoring brand mentions on social media.
Conduct Keyword Research
Keyword research can give you quick insights into the product you are planning to launch. You can use this information to enhance your product.
For example, let’s say you are thinking of selling headphones.
On conducting keyword research you will find the most frequently searched things related to headphones such as “headphones Bluetooth”, “headphones under 3000”, “headphone with mic”, “headphone for kids”, and so on.
As a result, you will get an idea that headphones with Bluetooth connectivity or mic are more in demand.
Moreover, keyword research tools will also help you to rank your product listing on eCommerce platforms and search engines. You can use frequently used keywords in your product description to increase its visibility on the internet.
Product Sampling for Incentivized Reviews
It’s always advisable to test your products before their actual launch on a small group of people including existing customers, family, relatives, and friends. Brands often send sample products so they can use and review them.
Once they tested the product sample, you can gather their feedback and opinions to analyze them for gaining insights. You can improve your product by incorporating the feedback received before launching your product.
Another benefit of incentivized reviews is that they increase your overall review count and analyze the sentiment behind them for better insights.
Reinforce Your Team With Data-Driven Insights
Before launching your product make sure you have a diligent and dedicated customer care team.
Customers always have queries and questions for which they need clarifications, and their doubts are more in the case of new products. Be it questions related to shipping, product details, or any other issues related with the products, customers appreciate quick response and resolutions.
You can piss off your possible customers if you launch a product but lack a good customer service team. Therefore, ensure that you have a reliable customer support team.
Conclusion
Conduction market research before a new product launch can help you generate more leads. With the help of market research, you can enter the minds of your consumers.
Yes, you heard me right.
It’s an entry point to their thoughts, needs, expectations, opinions, feedback, and whatnot.
Nonetheless, performing good market research is a skill that needs to be mastered if you want to ace your eCommerce business. To help you with this, we have discussed four essential steps to enhance your product launch research, from conducting market research to beta-testing products, our tips will definitely boost your product launch.