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Global Product Management Talk
504: Market Research for Product Innovation – with Chip Chomyn
Sep 3, 2024
Chip Chomyn, an expert in market research and product innovation, dives into the pivotal role of continuous market research in product development. He shares insights on the 'double diamond' approach and effective research methods, contrasting qualitative interviews with quantitative surveys. The conversation covers the importance of understanding customer needs, aligning product development with true consumer values, and devising smart pricing strategies. Chip emphasizes that market research should be viewed as an ongoing process essential for innovation.
47:00
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Quick takeaways
- Market research is an ongoing process integral to product development, helping managers understand customer needs and make informed decisions throughout innovation.
- The double diamond approach in market research allows product managers to explore broad options initially and then narrow down to specific solutions as development progresses.
Deep dives
The Importance of Market Research
Market research is essential for product managers to understand unmet customer needs and desires. It is a continuous process that should occur throughout an innovation project rather than being a one-time task. The necessity of appropriate tools at different stages of product development is emphasized, along with the idea that market research should be approached as an organizational process. Engaging knowledgeable customers through interviews can quickly yield valuable insights into their experiences and decision-making processes.
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