By: Israel Odumesi
Product management is an essential aspect of any business, regardless of the industry or location. In Nigeria, product management has become even more critical as the country continues to experience rapid economic growth, with an increasing number of startups springing up every day.
However, many startups in Nigeria make the mistake of neglecting product research, which can be detrimental to their growth and sustainability.
Product research involves gathering and analyzing data about a product and its market to determine its viability and potential success. It is a critical component of product management, and startups that neglect it do so at their peril. In Nigeria, many startups do not invest in product research due to limited resources, lack of awareness, or a belief that they already know their market. This can lead to the launching of products that fail to meet customer needs or compete effectively in the market.
Product research helps startups identify market gaps, understand consumer behavior and preferences, and develop products that meet their needs. This is particularly important in Nigeria, where there is a diverse market with varying needs and preferences. Without proper research, startups may launch products that are not suitable for their target market, leading to losses and eventual failure.
Product research also helps startups to understand their competitors and their products, allowing them to differentiate their products and stand out in the market. In Nigeria, competition is high, and startups that do not differentiate themselves may struggle to gain market share. Through product research, startups can identify areas where they can improve their products, make them more appealing to consumers, and stand out in the market.
Another benefit of product research is that it helps startups to determine pricing strategies for their products. In Nigeria, consumers are price-sensitive, and startups that do not price their products competitively may lose customers to their competitors. Through product research, startups can determine the optimal price for their products that will appeal to their target market and also be profitable.
Product management is critical for startups in Nigeria, and product research is an essential component of product management. startups that neglect product research do so at their peril.
About the writer:
Israel Odumesi is a product manager with a project management background. He has managed projects for multiple companies and is now dedicated to building the best digital products that consumers are eager to use.
