The Worth of Market Analysis
In 2005 I used to be decided to check the effectiveness of my new model title by way of knowledgeable market analysis firm. It was not sufficient to know the way a lot I believed in him; I needed to discover out what goal customers would consider it once they first noticed it. Right now, my trademark title was permitted in america and registered or registered in over thirty international international locations. The title was legally protected, in addition to it might have been in so many international locations on account of my world imaginative and prescient for this outstanding title. Nonetheless, would it not attraction to the patron, or extra importantly, their pocketbook? Here’s a case examine of my experiences in actual world market analysis.
In 2005, I had already created a brand new product model title and wanted to know finest attain my target market. So I contracted with two corporations: one an online improvement to create an informative web site and the second was a market analysis firm. The main target was to get the phrase out about my new model title.
Whereas the product web site was beneath building, we started by conducting a web-based survey. This survey was deployed nationally to acquire the broadest potential client response. A few of the key attention-grabbing factors that the survey revealed had been that:
64% of respondents had been open and receptive to the brand new model title – This was vital to me as a result of it meant folks favored the title.
The three almost certainly product classes to affiliate the model title with had been:
(a) security and first help merchandise;
(b) well being/private hygiene merchandise and
(c) non-prescription prescription drugs.
Over 50% of respondents selected the model title to seem on bandages, joint ache ointments, sports activities/vitality drinks and chilly/allergy aid.
They even supplied 9 descriptive phrases that customers selected:
These adjectives arrived at by way of our market analysis are connotations that almost all producers want to affiliate with their product title!
Why was defining adjectives vital? As a result of these connotations turned key phrases we utilized in creating all advertising and marketing supplies. We needed to make use of phrases that resonated with customers.
Based mostly in the marketplace analysis findings, we created a PowerPoint slide present for example the best way during which customers associated to the model title. This was efficient as a result of it mixed visuals – together with graphics for example product settings alongside highly effective advertising and marketing phrases that resonated with customers. This PowerPoint additionally served as nice single level and click on visuals on the web site. The advertising and marketing findings had been written up in a fast truth sheet that web site guests can obtain and consider at their comfort.
Essentially the most comforting consequence from my market analysis funding was that the survey supported my principle that this outstanding title was a “constructive model title strongly related to a number of product classes.” Was it definitely worth the expense to spend money on market analysis? Sure, as a result of it gave me perception into the minds of my customers plus invaluable formulations for future advertising and marketing efforts in print, on-line and shows. It additionally saved me cash by investing in flyers and a web-based presence that might join with my potential prospects.
I strongly advocate, if you’re an inventor, ensure you put aside cash for unbiased market analysis in your product concept in addition to your product title. You may be glad you probably did!