Know Before You Hit “Go”
Before you give the green light for product development, you need to know if you’re investing in the right product at the right time. That means understanding things like what consumers like and dislike about existing products, market competitiveness, where there are opportunities, and costs versus expected rate of return.
Gembah has the technology and the tools to get to the data.
We guide you through the critical research process, leveraging powerful research tools and technology to get you the data and insights you need to make smart decisions. With Gembah, you enter into the product development process with eyes wide open, confident and in control.
Uncover new opportunities to grow sales.
To help determine the size of the opportunity, we assess several components. We begin with the Search Frequency Ranking, i.e. how often a search term or keyword is searched on a daily basis and how that changes over time, to discover seasonality and trends. We then assess the Click Share and Conversion Share of a keyword to determine how likely a customer is to add your product to their shopping cart based on your placement in search results. We also look at the ecosystem of other related keywords that may drive traffic to your product, helping uncover new opportunities to grow sales.
Understanding your competitive landscape.
Before committing to a product opportunity, it is important to understand the competitive landscape for that product. We look at a number of factors, such as price, average number of reviews, and average value of those reviews, to help determine how difficult it will be for you to be listed on page one of search results. Once you know the number of ratings you need to boost your search ranking, you can more accurately estimate the marketing budget required to generate the sales target. If you are in a highly competitive market, you may need $100k of marketing budget to get your product on the first search page, but less competitive markets may require as little as $1k for the same result.
Optimize for profitability.
It is also important to understand pricing trends and distribution. A hot new product category may look attractive today but could be crowded and highly competitive in a matter of months. You need to anticipate future price pressure in order to ensure that your product has sufficient profitability to sustain such pressures. Naturally, factory pricing is another important factor in the profitability calculation. With our extensive network of factories, we can help analyze the supply chain, estimate the price range to manufacture, and help optimize profitability.
Take advantage of evolving consumer trends.
In addition to quantitative research it is important to listen to the voice of the customer. By performing review research, we can determine what current customers think of the products that are currently in the market. This often points to opportunities for improvement in future product versions. Understanding what type of materials, features, or functionality that are trending can also be helpful in spotting changes in demand early and being the first (or at least early) to market, taking advantage of evolving consumer trends.