5 Impactful Ways to Develop Product and Consumer Interest in the Market

5 Impactful Ways to Develop Product and Consumer Interest in the Market | Product Management | Emeritus

In order to generate any form of demand in the market it is imperative to know about consumer interest. The only way to succeed is to put in the time and effort required to learn about the market, identify unmet requirements, differentiate yourself from the competition, and demonstrate time and time again that your products are worth buying.

Experts in the field understand that a great deal of effort must be put in to stimulate consumers’ curiosity and interest in a new product before, during, and after its introduction.

Five Ways to Develop Consumer Interest and product Demand

1. Pay Attention To The Results Of Market Studies

Your business can learn what its customers need and desire through surveys, focus groups, feedback on social media, and reviews published on your website. A new product may be required if you find that a certain problem keeps cropping up.

2. Make Something Great

Starting a business requires promoting a new product while also demonstrating that the product addresses a pressing issue for consumers. Find out who you want to reach and where they hang out online by researching your chosen demographic. Consumers can learn more about the benefits of your products while being entertained.

Put out an instructional film about your company, a funny video they’ll want to share with their friends (like an Old Spice or Dollar Shave Club commercial), an infographic explaining a pressing topic, or a blog piece written by your CEO that provides insightful industry commentary. Consistently publishing high-quality material can help you gain the trust of your readers, which in turn can lead to more purchases.

Also Read: Guide to Product Management vs Product Marketing

3. Use Feedback From Actual Buyers

Display evaluations from satisfied clients on your website, product sites, and anywhere else you can. Reviews from other customers carry more weight with buyers since they come from someone they already trust. According to Statista report, nearly 70% of internet shoppers in read reviews before making a purchase decision.

If there are many complaints about your items, customers will look elsewhere, so your staff must apologize to those who have had poor experiences and act swiftly in response to any feedback. 

Monitoring and analyzing consumer interest and feedback is essential for making design and development decisions. Depending on your business’s scope and available resources, you can accomplish this using rating and review tools like Bazaarvoice, Re-Vu, or Gigya.

4. Offer Discounts To New Buyers

Offering a discount or special rate is another way to entice new customers to test your products. Initially, consumers could be hesitant to buy a product because of its high asking price. They might buy it if the price is lower than the market standard.

Customers who have already received and benefited from your goods are more likely to make repeat purchases at the total price. 

You want customers to be satisfied if they decide to purchase with you again and find that prices have changed, so be explicit that the offer is a one-time only.

5. Set Up A Private Club For Select Individuals

When a customer becomes regular, you must thank them for their business and show them how much you value them. Make them feel like they’re a part of refining your products by creating a club that grants them early access to specials, provides them with insider information about the firm before it’s made public, and more. Inquire about their thoughts and get them to fill out surveys.

Develop Product Management Skills With Emeritus

In sum, if you want to increase client demand, you need to know that you will only pay attention to yourself once you prove your value. Make the customer your top priority at all times.

A lot goes under the carpet while launching and selling products. To possess the right mastery and strategy you must have product management skills. Therefore, develop your product management abilities, create strategies that have an impact, and oversee projects that will successfully introduce products that will change the industry. 

Learn from professionals in the field how to analyze markets, develop product growth strategies and product roadmaps, and specify success criteria. Enroll in product management courses hosted by Emeritus in collaboration with renowned universities of India like IIM, and IIT. Become an industry expert and enter the product world like a pro. 

About the Author

Content Writer, Emeritus Blog
Yashvi is a dynamic content creator with 5+ years of experience crafting content for global brands, specializing in tech, finance, and healthcare sectors for both B2B and B2C audiences. Her diverse knowledge base empowers her to create meticulously researched, value-packed content for the EdTech sector, catering to various audiences. In her downtime, she explores the realms of mental well-being, reflecting her holistic approach to personal and professional growth and deepening her empathy for her audience's pain points and needs.
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