Product Research Made Easy: Considering Your Selling/Pricing Strategy in Consumer’s Perspectives
Published on
A Guide to Effective Product Research
When it comes to buying a product or service, we all want to get the best value for our money. But with so many options out there, how do you know which one is worth the cost? That’s where product research comes in.
Product research is the process of gathering information and evaluating different products to make an informed purchasing decision. By comparing features, prices, and reviews, as well as considering factors like quality, durability, reliability, and customer support, you can make sure you’re getting the most bang for your buck.
How to Conduct Effective Product Research
Here are some practices to follow:
- Look into popular products and evaluate the demand. Check out online shopping platforms like Amazon and eBay, or browse trending hashtags, pins, and comments on Pinterest.
- Read reviews and case studies on relevant products. Once you have a list of products that meet your needs, compare them based on their features and benefits. Look for reviews, ratings, and feedback from other customers who have used the products you’re considering.
- Compare prices. When shopping online, it’s easy to compare prices from different sellers. Take advantage of this by looking at multiple websites to find the best deals on the products you want.
- Consider the product’s value. Price isn’t always the best indicator of value. Take into account the quality, durability, and features of the product to determine whether it’s worth the price.
- Check for additional costs. When analyzing the price of a product, be sure to factor in any additional costs such as shipping or taxes. Also, consider what features the premium goes for a product, so you know how much to pay for add-on features.
- Consider the brand reputation. A well-established brand may charge more for their products, but their reputation for quality and reliability may make it worth the extra cost.
- Check for warranties and guarantees. Look for products that come with a warranty or guarantee. This can provide added peace of mind and protection if something goes wrong.
Quantitative Metrics for Product Research
Here are some quantitative metrics for each step of product research:
1. Evaluate Demand
- Number of sales for each product on online marketplaces
- Number of customer reviews for each product
- Number of mentions or shares on social media platforms
- Search volume for each product on search engines
2. Read Reviews & Case Studies
- Average rating of each product based on customer reviews
- Number of positive versus negative reviews for each product
- Number of case studies available for each product
3. Compare Prices
- Price of each product on different online marketplaces
- Price of each product at different retail stores
- Average price of similar products in the market
4. Consider Value
- Features offered by each product compared to their price
- Durability and reliability ratings for each product
- Cost per use or cost per year of each product
- The minimum price to get the basic function
- Where the premium for an upgraded product goes
5. Check for Additional Costs
- Shipping costs for each product
- Taxes or fees associated with each product
- Additional costs for add-on features or upgrades
6. Consider Brand Reputation
- Number of years the brand has been in business
- Number of awards or recognitions received by the brand
- Customer satisfaction ratings for the brand
7. Check Warranties & Guarantees
- Length of warranty or guarantee for each product
- Number of claims made on the warranty or guarantee for each product
- Customer satisfaction ratings for the warranty or guarantee service
Example: Researching Bluetooth Headphones
Here’s an example of quantitative metrics for each step of product research in table format:
| Step | Metric | Value |
|---|---|---|
| Evaluate Demand | Number of sales on Amazon in past 30 days | 10,000 units |
| Evaluate Demand | Number of sales on Best Buy in past 30 days | 5,000 units |
| Evaluate Demand | Number of sales on Walmart in past 30 days | 7,000 units |
| Evaluate Demand | Avg. rating on Amazon (customer reviews) | 4.5 out of 5 stars |
| Evaluate Demand | Number of customer reviews on Amazon | 10,000 reviews |
| Evaluate Demand | Number of customer reviews on Best Buy | 3,000 reviews |
| Evaluate Demand | Number of customer reviews on Walmart | 5,000 reviews |
| Evaluate Demand | Number of mentions on Twitter in past 30 days | 500 mentions |
| Evaluate Demand | Number of shares on Facebook in past 30 days | 1,000 shares |
| Evaluate Demand | Search volume on Google in past 30 days | 100,000 searches |
| Read Reviews | Avg. rating on Amazon (customer reviews) | 4.5 out of 5 stars |
| Read Reviews | Number of customer reviews on Amazon | 10,000 reviews |
| Read Reviews | Number of customer reviews on Best Buy | 3,000 reviews |
| Read Reviews | Number of customer reviews on Walmart | 5,000 reviews |
| Read Reviews | Number of case studies on Google Scholar | 3 case studies |
| Read Reviews | Mentions of product defects in reviews | 100 mentions |
| Read Reviews | Avg. time before failure (customer reviews) | 6 months |
| Compare Prices | Lowest price on Amazon | $49.99 |
| Compare Prices | Lowest price on Best Buy | $59.99 |
| Compare Prices | Lowest price on Walmart | $54.99 |
| Consider Value | Number of features offered | 10 features |
| Consider Value | Number of different colors available | 5 colors |
| Consider Value | Avg. product lifespan (customer reviews) | 2 years |
| Consider Value | Avg. cost of replacement parts | $10.00 |
| Check Add’l Costs | Shipping cost on Amazon | $5.99 |
| Check Add’l Costs | Shipping cost on Best Buy | Free |
| Check Add’l Costs | Shipping cost on Walmart | Free |
| Check Add’l Costs | Sales tax on Amazon | $4.00 |
| Check Add’l Costs | Sales tax on Best Buy | $3.00 |
| Check Add’l Costs | Sales tax on Walmart | $4.50 |
| Brand Reputation | Number of years brand has been in business | 10 years |
| Brand Reputation | Number of products the brand offers | 50 products |
| Brand Reputation | Avg. brand rating (customer reviews) | 4.0 out of 5 stars |
| Check Warranties | Length of warranty on Amazon | 1 year |
| Check Warranties | Length of warranty on Best Buy | 2 years |
| Check Warranties | Length of warranty on Walmart | 1 year |
| Check Warranties | Customer complaints about warranty service | 5 complaints |
These metrics can help you make an informed decision when purchasing Bluetooth headphones. By gathering and analyzing quantitative data at each step of the product research process, you can compare different products and retailers to determine which one offers the best value for your needs and budget.