Understand the essentials of post-launch evaluation
07 March 2023
Launching a product or service in the market can be a significant investment for any business in terms of time and resources. While the launch may succeed, measuring the product's performance after its release is essential. Businessmen must understand how their product is being received by customers, its impact on the market, and areas where improvements can be made. This is where post-launch evaluation in market research becomes crucial. Then, how significant is post-launch evaluation? Let's explore the reasons in more detail.
Why should you research post-launch evaluation?
Launching a new product cannot afford to be taken for granted. By doing proper research and evaluation, we can gain valuable insights into customer feedback and market trends, potentially resulting in missed opportunities for improvement or growth. Therefore, people in business must invest time and resources into thorough research and evaluation to ensure the success and longevity of their new products.
By conducting post-launch evaluation research, people in business can gain valuable insights into how customers receive their products, their impact on the market, and areas where the product can improve. Besides that, it can invest more time and resources into a development meeting its intended goals or objectives.
Post-launch evaluation research enables people in business to stay competitive and adapt to changing market trends. Then, it can identify new growth opportunities and trends by analyzing customer feedback and operational metrics. Moreover, it also can use this information to make data-driven decisions about the product's future, ensuring it remains relevant and competitive. For example, analyzing the brand perception of the product; the strengths and weaknesses is also possible by doing the post-launch evaluation. Such as, the candy succeeded in stealing the consumer's hearts with several flavours in one pack, but they still have more concerns in place of purchase due to the product needing to be easier to find in small shops and only available in the mini market.
Analyze the brand perception and reputation of the product
Through post-launch evaluation, we can know brand perception and reputation. Analyzing a product's brand perception and reputation in post-launch evaluation is critical to understanding its success in the market. A product's reputation can significantly impact its sales and overall performance, making it crucial for businesses to evaluate how consumers perceive their product. Post-launch evaluation involves collecting and analyzing product market performance data and identifying improvement areas. This process can help business people to understand how their product is perceived by consumers and adjust their marketing strategies accordingly.
To analyze a product's brand perception and reputation in post-launch evaluation, we are able to do two phases research process; quantitative and qualitative. By collecting the data from respondents recruited and FGD, businesses can identify areas where the product performs well and needs improvement. This information can then be used to develop strategies to improve the product's brand perception and reputation, such as adjusting its design, improving its marketing messages, or enhancing its customer service. Ultimately, analyzing a product's brand perception and importance in post-launch evaluation is critical to improving its performance in the market and ensuring its long-term success.