Kill it or Feed it?
Hello IH community!
Finally, I found the courage to make my first post.
I need your most brutal feedbacks!
A few years ago I noticed that I spend a significant amount of time searching and studying data about trends, markets and competitors.
Usually, I look for counters (e.g. likes, views, results, users, ecc..) on social media, blogs, e-commerce, etc..
Do you regularly gather market and/or competitor data?
Which data do you look for?
How much time do you spend each day on this task?
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ps. shouts to TonikeKH for helping me reformulating my questions!
Hey!
The question you are asking is a bit dangerous because everyone you ask will probably say 'Yes'. That is how our brain works, unfortunately; we know that there is no commitment from our side by saying 'yes', but does it mean that respondents will use it once you create the product? No one knows..
I totally agree with you, thanks for this precious tip!
Forgot to mention:
Instead of asking yes/no questions about usage, try to ask about the problem itself, current methods of gathering market data, time input, importance, etc... If you will see that there is a problem that your solution solves, go and build it :)
As you suggested, I reformulated my questions.
I'd be happy to have your take on the new ones.
Btw much thanks to take your time to help me!
@TonikeKH gave some great advice. I'm still not convinced by your post.
You said you spend a significant amount of time doing this already. What is the impact?
Can you give an example where you did 10 hours of research, discovered something, actioned on it and increased your revenue?
Hi LeroyK, thanks for your feedback!
Here's a use case.
I'm part of an hw company that produces very niche audio equipment.
Before developing a new product, I always spend a few months searching for similar product data.
To track reference products I search for the number of stocks, likes, views, comments, feedbacks and search results on e-commerce.
I was spending an average of 1 hour a day doing this task manually.
Gathering data over time I've been able to track people interest and estimate how fast the reference products were selling.
We used this information to reduce the chance of developing products that don't fit our market.
Have I answered your question?