Will your new product succeed? That’s a high stakes question, but all too often, there’s no sure answer. NewtonX COO Leon Mishkis introduced the Product Research Lifecycle, with three takeaways for a well-informed product strategy in his talk at the Product-Led Summit. The summit, held in San Francisco from September 7-8, brought together product leaders and growth gurus from innovative companies around the world.
Companies pour effort into product development and go-to-market strategy. Yet many still fail. Seven out of the top 10 reasons new products fail are for reasons that come down to: “We didn’t know.”
The weak point is having trustworthy information as a basis for the product strategy. Who will buy? Why will they buy? How much will they buy? What will they pay? The questions go on.
98% of professionals consider having dependable data as very important. Yet, only 49% of decision-makers think their data can be trusted (Experian).
Getting B2B product research you can trust is a challenge for several reasons:
Say you’re looking for a specific profile like the CTO of a small energy company that is using multi-cloud solutions. Your product research provider, however, may be relying on an expert network of people who have answered their surveys in the past. The odds that your CTO is in that group is low.
Your product research provider may send out an invitation dangling a $25 Amazon gift card to 50 thousand people on their “IT Executives” mailing list. Most of them are not qualified to answer your questions, yet many will participate anyway for the quick money. The CTO you really want to talk to doesn’t have time to chase a gift card.
When you are making a multi-million or billion-dollar product decision, you don’t want to talk to 20 customers. You need 2,000. You cannot achieve this scale with traditional closed panels.
You can get statistically valid numbers with a quantitative survey, but you can’t dig into the why’s and how’s. You can get deep understanding from a few people in a quantitative study, but you can’t know how widespread those views are. Without the right mix of methodologies, you are left with just a partial picture for your product strategy.
While getting trustworthy B2B product research can be challenging, it’s vital to find the answers to core questions at each phase of the Product Research Lifecycle:
Leon rounded out his talk with examples of innovative companies who are using custom recruiting at different stages of the Product Research Lifecycle:
The stakes are too high when it comes to bringing new products to market to have a product strategy based on guesses and flawed data. You can be a better product leader with a solid track record of success by with these three approaches to improving the B2B research that goes into your product strategies:
NewtonX is a new kind of B2B research company that has broken through the constraints of old product research approaches. With technology and automation, we futureproof your product strategy from launch through maturity.
What’s different about us? We replace the old expert panel model with a way to scale your reach to over 1.1 billion people. We use AI-powered custom recruiting to find the exact professionals to answer your product questions. Our screens ensure that each person is 100% verified to give you the insights you need. We eliminate data fraud and ensure you have trustworthy product research to serve as a foundation for your successful product strategy.
We get beyond the limitations of having to choose quantitative versus qualitative with a suite of research methodologies used in careful coordination for depth, breadth—and confidence.
Looking for a research partner? Get a quote today.
Product marketers have an incredible opportunity to leverage B2B research. Read our guide to learn how.
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