Over 30,000 new products are introduced to the market every year, but 95% end in failure. To develop, launch, and gain adoption of a new successful product requires deep understanding of what consumers are interested in, what attributes appeal to consumers, and essentially what influences purchase decisions.
What is Product Experience Management?
Product experience management is the process of monitoring every interaction of the customer product journey from start to finish, with the goal being to understand consumer needs and behavior patterns at every stage. This involves tracking every stage of product innovation, assessing user experiences, and even predicting market share and adoption based on data. In other words, it involves research.
And PX research isn’t just relevant to new-to-the-world products, but it’s also extremely useful iterating and improving upon an existing product. By utilizing tools such as concept testing, prototype testing, or desirability testing, you can easily find the best features, the optimal price, and the right positioning for your product.
Why is Product Experience Research Important?
PX research can guide you to launch products that increase sales, prevent you from releasing bad products into the market, and even establish you as a competitive and innovative leader in your industry.
Whether it is for a physical or digital product, PX research will help you bridge the gap between customer needs and innovation. This also applies to finding new opportunities to launch products in niche markets, introduce personalized products, and capitalize on new market trends. Overall, PX research can provide you with the information you need to stay ahead of the curve and release products that satisfy customer needs, ultimately enabling you to meet the requirements to be successful in the market.
FC Live for Agile UX Research
To leverage even deeper insight, you can use FC Live, the virtual focus group and in-depth-interview solution built for research specifically. FC Live isn’t your average virtual meeting software but comes along with capabilities including real-time sentiment analysis, expert moderators, and invisible observer views with a private “backroom” chat function.
For agile UX Research using FC Live, you can integrate eye tracking and screen-sharing to trace every step of the digital experience and pause to probe on even the smallest user hiccups that you might not have discovered otherwise. Even the subtlest functionality flaws can quickly become barriers to purchase and you should be hunting for them on an iterative basis throughout the product development lifecycle.
Ready to be an industry leader? Then it’s time to start implementing customer feedback into your product development process! Watch this recorded webinar with FC Live expert, Elana LaDue, where she discussed various strategies and tools you can use right now to develop products that take the market by storm.
Plus, you’ll learn how you can conduct effortless virtual UX research with FC Live. With just a mobile phone, laptop, or a desktop, you can get in-depth insights that speed up your innovation process. Check it out!