MARKET RESEARCH

So, you have a concept design for your product. You know all the ins and outs of how it will look and work. You’ve done all your planning and covered all your bases, at least when it comes to the product itself.

But before you invest in prototyping and testing, you need to start with market research services and do a prior art search. This is when a market research firm finds information on the current market environment and the available products that might be similar to yours.

DETERMINE FEASIBILITY

you need to critically assess the market

Before you invest in perfecting your product’s physical attributes, you’ll need to answer some questions like:

  • Is your product solving a real problem?
  • If so, will people be willing to invest money in solving this problem?
  • Can this product be made in the way you’re envisioning it right now?
  • Will enough people be interested in this product to create a sustainable business?

Answering these questions with prior art search, market research services, and consumer surveys before moving forward is vital to your product’s success.

Even if you have no plans to obtain a patent on your product, you need to critically assess the market to determine that your project can be done in the way you’re imagining.

Market research services ensure that the money you and your investors put toward this project will be a strategic investment, not a gamble or a matter of guesswork.

DISCOVER YOUR PRODUCT’S POTENTIAL

Of course, you want to be sure that you can move forward and that the project can be done. But meeting the bare minimum standard isn’t enough. You want it to be good. And with an experienced market research firm, you’ll acquire knowledge that will help your product reach its full potential. This is important because without solid research to back up the decisions you make later, you limit your product’s profitability and its ability to improve your customers’ lives.

MAKE A PLAN

Living by the motto, “If at first you don’t succeed, try, try again” won’t work well in new product development, or at least it will be very expensive.

Getting it right before your product appears on the market is an important factor in your success because it will be much harder to make a profit on your product if you repeat your investment.

To accomplish this, market research services help you answer questions like:

  • Who will my product serve?
  • What does that person like?
  • How can I make my product appealing to that person?

These aren’t questions you can google. And there are no cookie-cutter answers that will work for everyone. Every new product idea is unique, and professionals at a market research firm have the experience to make a customized strategy for your product, your market, and your future customers.

BIG PICTURE PERSPECTIVE

When you choose a market research firm, you should look for people who understand where you’re coming from and where you’re going. Hiring a team who has already worked on your concept design and who has experience with the next stages of product development is especially beneficial. This is because a team can give you better guidance when they understand the “big picture” of how the data you collect will impact your product’s future.

HOW DOES IT WORK?

There are many different options depending on your product’s needs. Market research services encompass surveys, focus groups, and analysis of your competitors’ marketing strategies. They also include prior art search, which specifically involves research in patent and non-patent literature to discern what has been done before and how similar it is to your product. The depth of the research will depend on the complexity of the product, though an exhaustive study is generally best.

If you intend to get a patent on your product and you find during a prior art search that there is something very similar on the market, there’s no need to give up. Often, patents are based on small details that can be changed. This is one reason it’s so important to have a completed concept design beforehand and to be clear with a market research firm on what you’re envisioning for your product. Slight variations can make a big difference in a prior art search.

OUR SOLUTION

With LA NPDT’s prior art search and market research services, you will learn how your product will fit into its market environment and ways that you can move forward. Our experts will collect the data you need to learn about the potential strengths, weaknesses, opportunities, and threats (SWOT) of introducing your new product to the market.

Then, we can help you use this information to strategize so your new business venture can reach its full potential. Every product is different, and the process can take two to five weeks depending on how much research you need and the availability of data. The cost can also vary widely, so be sure to discuss your idea with our experts to learn more about what this process would look like for you.

 

CONTACT OUR EXPERTS!

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