Business Challenges / Product and Feature Development
"Research is a process where you can spend a lot of money and come up with zero. Isurus guides me quickly through the key decisions, helps me avoid the pitfalls, and makes sure I walk away with high-value implications."
-Vice President of Marketing, Enterprise Content Management System Provider
Product and feature development research is conducted when companies need to prioritize their product development investments. They use primary research to:
- Identify the product features most important to the market
- Determine the optimal configuration of features
- Identify the features the market will pay for
- Identify features that are differentiating and those that are threshold conditions
Product and feature development research typically explores the following dimensions:
- Existing market pains and unmet needs
- Relative priority of addressing the existing pains and needs
- Direct and substitute solutions used by the market
- Willingness to invest and intent to buy
Product and feature research uses qualitative and quantitative approaches; the methodology depends on the stage of the development process when research is being used:
- Qualitative techniques such as focus groups and in-depth interviews are used at the early stages of the process when there is a need to explore the market’s needs and reactions to features and benefits.
- Quantitative surveys are used further along in the evaluation process when there is a need for concrete numbers for market sizing analyses or business case presentations.
- When conducting product and feature research techniques such as structured Gabor Granger questions, conjoint, and discrete choice analysis help identify the relative value of individual features.
The typical insights gained from product/feature research include:
- The optimal mix of product features for gaining market share
- The features the market will pay for
- Features that represent a competitive differentiation