How much important is to know before launching a product that "What the customer perceive about the benefits it delivers"?

In today’s globalising economy competition is getting more and more fierce. That means it becomes more difficult for products and services to differentiate themselves from other offerings than ever before. Therefor a market research is imperative. 

Many products and services face new competition from substitutes and from completely new offerings or bundles from industry outsiders.

100 percent knowledge in the product to explain

I believe it is one of the most important aspect if you like to grow in the industry.

If we understand what customers assume or perceive about the product it will helps us to clear the misconceptions of the customers, if they have any, and most importantly this will help us to understand what our target customers actually expect from the product. So we can give them service accordingly and increase our sales.

Understanding consumer needs is of paramount strategic value, especially in the early stages of the product development process. New products that deliver added consumer value contribute significantly to the success of companies.

The customer perception about the benefits it delivers is determined by extensive market research and analysis and also considering the similar product prospects in the industry by it's competitors.  Without a product assurance as to the accessibility the decision to launch a product may not be wise and desirable from the Investment point of view.

Hi Adeel,

1. What knowledge to be acquired before lauching a product

2. Customers perceptions about the product benefit

     First, you should look in the market to check if similar products are there or its substitutes, if available, you have loads of work to do which include studying other similar products in the markets and know what the customer responses are. Detailed product competitive analysis should be done with sincerity in SWOT analysis. Establish your best style or theme to approach the market, ensure difference in your product, at least a little and be prepared to deliver your product to the market in finest service. If your product is an innovation, be sure it is required by your demographics.

       For customers perception, in my own opinion has2 sides. The first is what you show to them and the other is what they see(or found out). However, you have to enhance your process of branding the product and let your niche be spot on. Send a clear message about the benefits of the product, this is what they passive first. The next thing they passive is called user experience, be ready to gather this from them and improve the product. Ensure to come up with improved product having gathered the intel, identify the challenges in the user experience as gathered from the customers, notify them about the improved product and your positive perceptions will increase.

In a Customer-Focused product development strategy, it is very important to understand the needs of the customers and translate these needs into product functionality. Accordingly, when a customer sees that this product will fulfill his needs, he will perceive the benefits and will make his buying decision.

Good Day!!!

Very Important..... particularly in early stage of product development it is mandatory.