Product Research & Supplier Research
Product research is the process of determining whether your idea for a new product or service might be successful and how best to develop and sell that product. This process begins by investigating the market to see if similar products exist.
Supplier research is the process of obtaining information for sources specific to the item being acquired in order to facilitate competitive practices and supplier selection
Benefits Of Services
Product research is necessary to avoid misguided product development decisions, identify potential issues with your product, and get an in-depth insight into your customer’s minds. This research helps you create a well-thought-out strategy for building product customers love
- Identifying market demand and trends
- Keyword research and analysis
- Competitor analysis
- Product selection and validation
- Supplier directories and databases
- Supplier background and reputation research
- Supplier communication and negotiation
- Quality control and product inspection
A bad supplier can reduce your sales revenues and margins, damage customer relations, reduce the quality of your products and services, disrupt operations and increase costs. A good supplier, on the other hand, will provide you with quality products and services that at least match, if not exceed, your business needs.
Without proper product research your chances of success, like your product decisions, will be random. Learn from the market and your customers to perform data-driven and customer-centric decisions.