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Market Research |
Before developing a new product, you need to know a lot about the market. The more you know about the market, the more predictable the results will be. We highly recommend thorough market research before beginning product development. During the research phase, we take your idea, problem, or existing product, and take an in depth look at the coinciding market. Within the market, there are several key areas we focus on. After gathering and analyzing all of the information, we provide a compiled book of our findings as well as a presentation with our results. |
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Target Market Definition
Defining the main users, primary communication outlet and boundaries of your product is crucial to efficient development and sales. We analyze the market and identify the most promising segments. This provides a foundation for the rest of the development process.
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Growth Potential
Through analyzing several market factors, we determine the growth potential of your product. Before investing in something that is on the downward slope, let us forecast where the market is going.
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User Needs and Benefit
We take an in depth look at what the target user needs in the product. We question, observe and examine how individuals interact with the product, as well as identify the benefits provided. Through our research, we develop a user needs and benefits assessment that clearly lays out key criteria the product needs to meet.
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Market Size
One of the first steps in identifying the feasibility of a project is determining the size of the market. The market size helps determine the potential for economies of scale, which controls target price-points, quantities and distribution efficiency.
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Competition
We look at the competition, find their strengths and weaknesses and position the product accordingly. Competitive analysis goes beyond products and digs into strategy and culture. How will the competition respond to your product? How will customers view your rivalry? There are a lot of questions that need to be considered and we will help find the answers.
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Projected Market Share
Setting obtainable goals is crucial to the product planning process. After analyzing the market, barriers to entry and competition, we forecast the potential to capture a percentage of the market. Marketing strategies, manufacturing quantities, and product details all depend on the size of the projected market share. |
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Encroaching Products
Most products have several alternatives that are frequently not considered when analyzing the competition. Encroaching product research examines �other options� that might be a threat to your product. |
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