Releasing a new product or service can be a daunting task. Your business wants to get everything right so that you don’t waste time or money on a project but waiting until after you’ve launched something to hear how customers feel about it can be detrimental. That’s where focus groups come in.
If your business is getting ready to offer a new product or service, here are four reasons to consider investing in the use of focus groups to find the answers you need to help your business succeed!
Get Immediate Answers
No matter what, when you utilize a focus group to learn more about a new product or service yet to be offered, you’ll find that you get answers quickly. Surveys, while still effective, require some type of waiting period between start and finish. For some, this in between leaves room for doubt, new questions to come up, or to potentially even scrap what you’ve worked hard on up to this point.
Focus groups change that. Instead of waiting days or even weeks, you can find the answers to your questions in a matter of hours or over the course of just a few days when pulling in multiple groups. This gives your business the chance to take what you’re learning on a group by group basis and tailor questions after getting feedback. This will allow you to better shape the product or service you’re offering and help your chances of success.
Get the Benefit of Group Dynamics
As a business, it’s most likely that you used a group to help you put together the new product or offering that you’re putting in front of a focus group. That group came up with as many pros and cons as they could before settling on the final solution. Unfortunately, things can get missed, not by any single person’s mistake, but because as the group in charge it’s easy to overlook some things.
Your focus group, driven by a moderator, can ultimately start finding any pitfalls that were overlooked or seeing value where there may not have been before. Eventually, as one member of the focus group starts letting their thoughts be heard, others will chime in with their own feelings. This creates a snowball effect that will leave you with more valuable information.
Find Out How Customers Talk About Products
It may not have an immediate impact on your business, but the ways in which a focus group talks about the product or service they’re reviewing can go a long way in how you market it. Focus groups are perfect for helping you learn how customers interact with something, how they speak about it, how they describe it to others, and how exactly they understand what it is you’re hoping they get out of it.
All of this information can then be taken and utilized to help put the product or service in front of others. You can begin to tailor campaigns around what you’ve heard from your focus group and hopefully, generate a higher ROI because customers will feel as though you’re speaking directly to their needs.
Save Time and Money in the Long Run
While you may think not putting together a focus group will be your best way to save time and money, it’s actually the opposite. If you typically send surveys to conduct research, doing so time and again can end up netting fewer results than by bringing a group together.
In the same way that a focus group provides you with immediate answers, it also provides you with answers, in general. You don’t have to hope that an incentive sent through the mail or hundreds of phone calls will get you the answers you’re looking for, both of which can be costly. Instead, you’ll get right down to the information.
At the MSR Group, we’re experts at helping businesses get the answers they’re looking for from market research and focus groups. If you’re ready to put your new product or service in front of potential customers, we’re your trusted choice in getting the information you need.
