25+ SAMPLE Product Report

What Is a Product Report?

A product report is a document that presents critical data about the products that your company offers. This information may differ based on the goals and aims of the product report. It may include data about inventories, sales, discounts, net and gross revenues, and so forth. Preparing a new product report will take a while to complete. But to come up with an efficient product report assessment, you should utilize the guide below. You will come to learn the differences it has to Daily sales sheets.

Types of Market Research

According to Investopedia, Many businesses do market research to test new goods or to get information from customers about what sorts of products or services they require but do not already have. Consider that market research can vary based on the research you undergo or what you are attempting to understand about your industry. You should know that there are various types of research you can do to comprehend the current state of the consumers and the respective market your product is considerably in. Continue reading this curated list so you will be aided on what manner of research is suited for your product and your company.

Interviews: Interviews allow for discussions and conversations either in-person or virtual, allowing you to allow for a natural flow of speech while also watching your interviewee’s body language. Your interviewees can help you create buyer personas by answering questions about themselves. These buyer personas describe your ideal customer’s demographics in terms of their respective age, family size, Budget, occupation, the challenges they face at work, and similar aspects of their lifestyle. Having a specific buyer profile in hand can shape your entire marketing strategy, from the features you add to your product to the content you publish on your website.Focus Groups: Focus groups give you a small group of carefully chosen people to test your product, observe a demo, provide criticism, and respond to specific questions. This form of market research may provide you with ideas for product diversification, or the characteristics of your product that set it apart from the competition. Consider asking your focus group questions about and giving them samples of your services, and then utilize the input from the group to improve these services.Product or Service Use: Product or service usage research provides information on how and why your target customer utilizes your product or service, as well as particular attributes of that item. This form of market research also offers you an indication of how well the product or service will be received by your target demographic. According to the Nielson Norman Group, quantitative research aimed at statistics rather than insights, tests at least 20 people to obtain statistically significant figures; narrow confidence intervals necessitate even more participants. In card sorting, you should test at least 15 users per user group, and in eye-tracking, you should test 39 users if you want consistent heatmaps.Observation-Based Research: Observation-based research allows you to sit back and see how your target audience members use your product or service, what works well in terms of the usability, what blockages or issues they encounter, and which components of it they may find simpler to use and implement. Structured observations, unstructured observations, participant observations, and non-participant observations are the four categories of observations.Buyer Persona Research: A buyer persona is a research-based profile of a potential consumer. Buyer personas depict your ideal consumers, their daily lives, the issues they confront, and the decisions they make. Buyer persona research provides you with a realistic picture of who your target customer is, what their difficulties are, why they desire your product or service, what they want from your company and brand, and more.Market Segmentation Research: Market segmentation research helps to divide your target customers into different segmentation is the division based on specific and distinguishing characteristics. This allows you to identify effective ways to suit their needs, fully comprehend their pain points and preconceptions, learn about their goals, and more. Marketers who use segmentation may be more efficient and reliable, in money, and other resources. Market segmentation allows organizations to learn more about their customers. They acquire a greater understanding of their customers’ requirements and desires, allowing them to customize ads to the client groups most likely to purchase items.Pricing Research: Pricing research is a type of study that examines and assesses the influence of price changes on a product’s demand. Organizations use it to assist decide the best pricing for new items to maximize revenue and market share. The nature of this research is quantitative. All of this data will assist you in developing your pricing strategy. For price research, many primary approaches are employed, including the Gabor Granger methodology, the Van Westendorp Price Sensitivity Monitor (PSM), and the Conjoint Analysis, also known as Discrete Choice Analysis.Competitive Analysis: A competitor analysis, also known as competitive analysis, is the process of identifying and analyzing rivals in your industry’s various marketing techniques. You may use this data to examine your current situation the company concerning each competitor. You may learn about what’s doing successfully in your market, what your target audience is looking for in terms of similar items to yours, who of your rivals you should seek to keep up with and outperform, and how to differentiate your company from the competition.Customer Satisfaction and Loyalty Research: Customer satisfaction and loyalty studies provide insight into how to encourage current customers to return for additional business and what will inspire them to do so, such as loyalty programs, prizes, or exceptional customer service. This research will assist you in determining the most efficient approaches to creating customer satisfaction. Statista notes that customer service plays an important part in an organization’s capacity to create cash and revenue. Customer service interactions generally influence a customer’s opinion of a company.Brand Awareness Research: Brand awareness research reveals what your target audience understands and recognizes about your brand. It informs you about the associations your audience members form when they think about your company and what they feel you stand for. A quantitative research survey is often used to calculate brand awareness. To evaluate brand familiarity, researchers design a survey that asks consumers several questions. Surveys, internet traffic, KPIs, and other ways can be used to perform it.

Tips to Deliver an Efficient Product Report

Every product manager understands that accurate product reports help decision-making. However, for your organization to continuously benefit from this, product managers need to produce such data regularly. However, it is not only about making reports but also about reporting on the correct subjects and giving information in an easy-to-digest way. Read this curated list to find out more about how you can produce an accurate product report.

Consider Your Target Audience: Product performance is inextricably linked to consumer demands and aspirations. As a result, each product report must demonstrate how it meets Market demands. As mentioned earlier, keeping note of the feedback and how well your consumers react to your product is important to assess the current quality. As a means to continuously improve and develop the state of your product, you need to go through various developments. You will be able to note the changes in older product reports.Respond to Questions Proactively: A product report’s purpose is to advise the route your company takes. As a result, management teams will reflect on important areas of interest before making any judgments. Stakeholders may require clarity on several issues during this process. As a result, anticipating queries and proactively answering them strengthens product reports.Use Visuals to Demonstrate Rather than Inform: Humans are predominantly visual animals. This indicates that information delivered in the form of graphics is easier to perceive and understand than words. As a result, rather than telling stakeholders what you discovered, show them. Graphs and charts are effective methods to convey such data. The writing becomes deeper and more significant by showing the activities, relationships, and sentiments rather than just informing the audience what happened.Remove Any Unnecessary Details: While you should give as much information as possible, you should be cautious of information overload. Instead, identify the purpose of the product report and only provide relevant information. Ensure that the contents of your document are all relevant and remove unnecessary details that don’t contribute to the product report in any means.

How to Write a Product Report

You have officially reached the part where this article will guide you in writing a product research report. With the curated lists above, you would have gained all the necessary information there is to prepare a product report. Keep in mind that report sheet templates and examples are available for you to use as an additional reference, as these will not only help you save time but also ensure you did not leave out important sections.

1. Determine the Objective

Before generating a product report, teams must define the document’s major Objectives. By selecting a goal, the company will be able to create a report that is tailored to its unique requirements. Depending on the industry, aims, or department of a company, product reports can fulfill a variety of functions. Its typical applications include summarizing the results of durability and quality testing, outlining the various ways a product performs, identifying distinctive aspects of a product and its marketability, and studying products in the industry.

2. Identify the Audience

Product reports are often produced for a single person or group of individuals. Audiences often consist of high-level executives, workers, departments, IT professionals, and customers. The organization will know what information and language to include in the product report by identifying which entity it is for. When writing for a marketing team, for example, the report may use department-specific lingo. Reports for consumers and non-marketing personnel, on the other hand, should be written in plain English to ensure comprehension. Furthermore, the amount of personal material varies depending on the audience. While sensitive business information may be useful for executives, it should be avoided for public viewing.

3. Conduct a Product Test and Include Results

At this point, the company should conduct testing to determine the quality, resilience, or durability of the Product. The product report must include detailed information on the testing procedure, the reasons for the test, and the outcomes. When documenting the findings, the team should respond to the quality of the result, whether or not it is the anticipated conclusion, what expectations are not met, and finally, whether or not the results are similar to the industry standards.

4. Compare Products to Competition

Many product reports will contain a part that compares the brand’s products to those on the market. This helps the reader comprehend the numerous rivals as well as what distinguishes the company’s goods. Furthermore, it enables the organization to find methods to improve the product and alternative ways to emphasize its benefits.

5. Delineate Customer Feedback or Market Research

Customer feedback and testimonials are frequently included in product reports. This gives information on the general public’s experience with the product. It also assists business teams in identifying trends in feedback from which they may make adjustments to the item. Additionally, if you have done market research, it can also assist you in achieving a quality product report.

6. Conclude with Actionable Insights

It is critical to summarize the major suggestions and risk mitigation methods at the end of the product report. The conclusion should also include the company’s future measures. For example, the report may conclude by instructing department supervisors to examine the report and devise a new plan to market the product.


FAQs

Is an executive summary important?

Since an executive summary is a summary of the entire product report. The summary is normally found in the document’s opening section. This lets readers rapidly grasp the report’s goal and information without having to read it in its full. The purpose of the report, the name or description of the product, initial or crucial findings discovered, and changes to be addressed must all be included in the executive summary. It may be beneficial to write the executive summary after the report has been completed. Since all of the report’s specifics are already set, condensing the material will be easy.

What is necessary to include?

You should not forget to attach important and relevant files. After finishing the report, any relevant appendices and files should be added or indicated at the bottom. Customer comments, research, and notes are all included in these documents. This guarantees that the reader has access to extra information and that the sources may be cited inside the product report. In addition, Market Research can be included in this section if it is not otherwise given space in the initial report.

What is product management reporting?

Product management reporting is the process of recording and evaluating important product metrics and then communicating the results to stakeholders. The product manager is in charge of product reporting. Its mission is to give useful product information to aid in decision-making and planning. Product managers will often meet with the product team and engineering team on a daily, weekly, or monthly basis.

Coming up with a product report would not be as smooth as one would think. There is a heavy need for research and writing done to ensure that everything the product has gone through, from its very development to how the consumers regard it, is important to include. If you are pressed for time, you can make use of the daily progress sheet available on this site in addition to utilizing the templates provided.