You’ve just come up with an idea that is going to change the world. You mentioned the idea to your friends and family members and all of them think that it is brilliant. You are eager to take that next step and begin designing and manufacturing your product. But wait! Is your product really something that is going to sell? Is there really a market for it?
Just because your friends and family members think that it is a great idea does not necessarily mean that it is something that is going to capture the imagination of the public as a whole. The only way that you are going to know how receptive the public is to your ideas is by doing sales/marketing research.
At Four Elements Product Development, our sales and market research team understand what it takes to create a product and market it in a way that people will want to buy it. We also understand the importance of researching trends and gathering data before beginning the production and manufacturing process. Our team will conduct the necessary marketing research for you.
What Is Market Research?
Successful businesses use market research as a way of understanding marketing trends and as a way of keeping their competitive edge. Regardless of if a business or inventor is just starting out or if they’re looking to expand their business, market research is the key to finding the target market and increasing sales potential. Some of the reasons why market research is beneficial is that it allows you to:
- Identify Potential Customers. Who really is going to purchase your product? Is it going to be more attractive to men or women? Will single individuals gravitate towards it, or will it be something that married or divorced individuals use? Where will the majority of your customers live? What type of education do they have? These questions along with many others are an essential part of market research.
- Set Realistic Targets.Market research will help you to have a realistic view of how many people will likely purchase your product. It will help you understand what areas to target and what areas to expect growth in. It will also help you see when it will be best to roll out your new project.
- Develop Effective Strategies. This aspect of market research will help you to determine how to price your product. It will explain the best avenue for distributing your product, be it at brick-and-mortar stores, via direct marketing, on the radio, or on the Internet.
- Identifying Business Opportunities. Many are surprised at applications for their product that they did not realize existed. Market research will identify under served markets. It will also identify trends or shifts in the population that might indicate future opportunities for sales on the horizon.
How Our Research and Sales Team Can Help You
Our market research and sales team will work with you and help you develop a marketing strategy. We will collect information and provide insight on potential customers. We will examine the way potential customers think, what their desires are, where they come from, and the likelihood of them purchasing your product. The end goal is to get a firm grasp on marketing trends and understand what is happening in the industry that the product you are designing will be used in.
At Four Elements Product Development, our sales and marketing research team focus on gathering two types of data. There is the primary data and secondary data. Primary research focuses on gathering information directly from potential customers. We do this by using a mixture of surveys, focus groups, and other methods. Our secondary research gathers information from things like statistics, reports, and data that we have collected from governmental agencies, trade organizations, and the local Chamber of Commerce.
Our goal is to present this information to you in a concise, clear format. It will help you determine if the product you are creating is marketable. It will pinpoint adjustments that could be made in the product to make it more attractive to customers, and it will help you create a timetable for introducing your product to the public.
At Four Elements Product Development, we are committed to helping you succeed. We have worked with many Fortune 500 companies in the design and creation of products that range from simplistic to complex. Over our 30 years of experience we have brought more than 3,500 products to market. We are eager to put our years of experience to work for you.