Market research is a proven strategy for acquiring and testing various features for your WordPress plugin. This will help you to focus on understanding the needs, and desires of your target audience. It also illustrates how successfully a WordPress plugin can address the pain points of its users.
Market research for WordPress plugins includes gathering information on users, advertising strategies, competitors, and other trends in the market. These types of data-driven research and analysis are crucial for a plugin's success and growth.
In this blog post, we will go in-depth about conducting market research for your WordPress plugin.
What Does WordPress Plugin Market Research Mean?
WordPress plugin market research is the process of discovering more about the desires and requirements of your target audience, or the possible buyers of your WordPress plugins. It is like a secret weapon for growing your plugin business. Plugin market research is an effective way of solving a wide range of plugin industry-related concerns.
Plugin market analysts consist looking into a variety of market segments that help you to learn more about the overview of the WordPress plugin market. This analysis is perfect guidance to lead you on a journey to unpack the potential of your WordPress plugin.
Time to Conduct Market Research for WordPress Plugins
Doing market research for WordPress plugins is a continuous process and is the secret to success when developing new plugins. To take decisions on each stage of the WordPress plugin development process, you should conduct numerous market research including looking into competitor plugins available on wordpress.org, marketplaces, and on the Internet.
Market research for WordPress plugins can be conducted in the following two stages:
Before Developing a Plugin
Before developing a WordPress plugin, you should explore a wide range of issues WordPress users are facing. Exploratory research (such as focus groups) is a smart move before starting to develop a WordPress plugin.
It is one of the most crucial elements in new WordPress plugin development that provides value even when just starting out.
This kind of research will help you to understand the level of client satisfaction. It will also provide you an advantage in enhancing and promoting your WordPress plugins and services that are already on the market.
Testing Concepts
The main objective of testing concepts and ideas is to analyze the new plugin and make sure it fulfills the needs of your target audience. Information from market research for new WordPress plugin development will reveal the improvements that can be done before making the plugin available for WordPress users.
You need to do this numerous times throughout the plugin development process, depending on the complexity of your WordPress plugin.
The Importance of WordPress Plugin Market Research
To establish a successful WordPress plugin business, there is no substitute for conducting WordPress plugin market research. One of the best ways to improve customer satisfaction is by conducting market research. Market research should be taken seriously in the WordPress plugin business for the reasons listed below:
Improves Your Earnings
By conducting WordPress plugin market research, you can learn multiple methods for boosting your earnings. It also enables you to obtain information regarding price flexibility. At the same time, you can analyze customer profitability.
As an example, conducting WordPress plugin market research on pricing flexibility can enable you to learn how the increment of plugins' prices can impact sales and profit.
At this point, the priority is more on the income of a WordPress plugin company. Conducting market research changes a company's attention from growing sales to growing profits. Ensuring the WordPress plugin company's long-term viability and profit maximization depends on market research.
Provides the Opportunity to Reach Your Customer With Your WordPress Plugin
WordPress plugin marketing is customer-centric. By conducting WordPress plugin market research, you can find out what the customers want and need. Keep in mind that monitoring your customers' journeys is an excellent way to learn important details about how they feel about your WordPress plugin business.
Additionally, this research on the WordPress marketplace includes information on the client categories that are overlooked and whose requirements have not been fulfilled.
Enables You to Identify Your Competitors
This study of the WordPress plugin market assists you in identifying and comprehending your rivals. Having knowledge about your competitors is necessary for you to survive in this competitive market. At the same time, you can learn about the client's strategy and identity by conducting market research.
Also, you can know the level of activity as well as the marketing networks of your competitors. This will help you identify your areas of weakness in the WordPress plugin market. The process of WordPress plugin market research also reduces your probability of dropping out of the competition.
To Grow Better
A highly eye-opening experience can come from conducting market research for your WordPress plugin. Even if you have a good understanding of your customers, conducting the research will likely reveal fresh strategies and platforms. That will enhance the way you communicate.
Ways to Conduct Plugin Market Research
There are plenty of ways to conduct effective market research for your WordPress plugin. By following these steps, you can conduct market research for WordPress plugins. Let’s have a glance at some beneficial ways given below:
Conduct surveys
Conducting well-structured surveys is an intelligent step to start doing market research for your WordPress plugin. It will be easier for you to develop a new plugin or add features to an existing one when you get feedback from WordPress users. Make sure the survey form has plugin-specific and feature-oriented questions.
You should also ensure that the questions are understood by those who answer them. You can run a test on a small group to find out whether the questions are clear. Even whether those are enough to produce meaningful results. If you think the survey is working out as expected then you can conduct the survey on a greater number of WordPress users.
Collect Data
Collecting appropriate data is crucial when you are researching for your plugin. You should maintain a spreadsheet or other tools for gathering data. This will help you to find out whether the data is correct or sufficient.
Examine the Outcomes
After conducting market research for your WordPress plugin, you will realize the importance of the information that is obtained. You need to evaluate and analyze the data. To get to this point, all of the previous steps need to be executed properly.
The steps of the WordPress plugin market research process are interconnected. Though previously everything was done correctly, if there is no accurate analysis of the outcomes, the decisions will not be appropriate.
You should prepare the reports properly. The analysis usually comes out easily and successfully when the research has been well-planned. As a result, you will be able to take better decisions based on the analysis.
Advantages of Doing Plugin Market Research
Knowing what other companies in the WordPress plugin industry are doing is a key benefit of WordPress plugin market research. More importantly, you get to know which features and plugins are performing well. Let’s take a look at some advantages of researching the WordPress plugin market.
Research Consumer Preferences About a Plugin
To fulfill choices, purchasing patterns, and buyer persona, you need to be aware of what's going on in the WordPress industry. Based on the specific requirements of consumers, you will be able to determine the kind of WordPress plugin that has to be created or marketed.
Examine Customer Interaction Techniques
Market research provides an outline for reaching both present and prospective customers and users. You will get clear insights into the demand from clients for the WordPress plugin. With these insights, you can SEO optimize your plugin's website, create targeted advertisements, write valuable blogs, and rank your plugin on the SERP for users who want to benefit from your WordPress plugin. These techniques will open new possibilities for your WordPress plugin.
Take Well-Organized Decisions
The decision-making process determines how quickly a WordPress plugin will grow. You can use market research methodologies to support your expertise. That will help you make appropriate decisions for improving and adding new features to your WordPress plugin.
It is important for you to conduct market research frequently in order to gain a full understanding of your customers. because it allows you to identify market trends for your WordPress plugin's niche.
Obtain the Right Data
Real and correct information from WordPress plugin market research will help you to avoid possible mistakes. Your WordPress plugin will certainly grow by thoroughly researching the plugin market and becoming more popular than its current competitors.
Some Drawbacks of WordPress Plugin Market Research
Besides all the advantages of doing market research, there are some drawbacks:
Time-consuming
WordPress plugin market research is a time-consuming task as you have to go through several steps. You must invest your time in this research field if you want to establish a successful WordPress plugin. As a result, you won’t be able to manage your time for other business-related tasks.
Needs Cost
Sometimes WordPress plugin market research requires more investment to get a fruitful outcome for your WordPress plugins. It can cause a problem if you don’t have a sufficient budget for this part of our business.
Requires Extra Person
WordPress plugin market research requires a different range of areas to conduct fruitful research for the development of WordPress plugins. So, when you conduct market research for the development of your WordPress plugin, surely you have to appoint extra people to conduct the research.
Select The Right Platform for Your WordPress Plugin Market Research
While choosing a platform for your WordPress plugin, you need to know the flexibilities, get community support, analyze the features, notice the cost, and many more things to keep in consideration for publishing your WordPress plugin. You should go for a dedicated WordPress marketplace like Pluggable where you get maximum commission and benefits for your hard work.
Pluggable offers up to 85% commission for each of your WordPress plugin sales which is the maximum amount offered over all other marketplaces. This marketplace hosts WordPress plugins only, which makes the audience more focused. You can easily reach your target audience and also enjoy other services offered by Pluggable. You can also get awesome services including dedicated marketing, live demo creation options, documentation hosting, and even dedicated support for your customer on this marketplace.
Selecting the right platform is a crucial element that can help you market your WordPress plugins to the right audience. It also gives the opportunity for future expansion of your WordPress plugins, as well as updates and maintenance according to the users' needs.
Wrapping It Up
Making sensible decisions based on actual market demand and customer insights is crucial for your WordPress plugin. If you want to ensure that the time and money you are investing in new WordPress plugin development don't go to waste, then keep conducting market research. Meanwhile, you should also consider keeping a revenue stream bearing all the costs by submitting your plugins on a dedicated WordPress plugin marketplace, Pluggable.
