When researching a product marketers need to extensively understand their market as well as determining if the product will meet the needs for that group. Here are two of the tools that can be used
PRIZM – this tool helps markers understand geographic, demographic and consumer behaviors when looking to understand a market. We can understand what they bought, where, income, age, and the media that is consumed to help us see the customer journey.
In house CRM tools are also another great way to understand customer behavior. Leveraging data from pacemaker companies and hospitals will help define who is using them.
VALS – this helps marketers understand values and attitudes of customers. The idea is a X and Y axis represent motivations and external factors like income to map where consumers fall.
Leveraging tools to understand what drives customers to make purchases or engage with brands. Taking the time to research the market as well as the product that you are developing will be the difference in a successful product launch and lifetime.
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