The Worth of Market Analysis

In 2005 I used to be decided to check the effectiveness of my new model identify through knowledgeable market analysis firm. Figuring out how a lot I believed in it was not sufficient; I needed to discover out what goal shoppers would give it some thought when seeing it for the primary time. By this time my trademarked identify was accredited in america and filed or registered in over thirty international nations. The identify was legally protected in addition to it may have been in that many nations because of my world imaginative and prescient of this exceptional identify. Nonetheless, would it not catch the patron’s eye, or extra importantly, their pocketbook? Here’s a case research of my experiences in actual world market analysis.

In 2005, I had already created a brand new product model identify and wanted to know methods to higher attain my audience. So I contracted with two firms: one an online improvement to create an informational web site and the second was a market analysis firm. The main focus was to get the phrase out about my new model identify.

Whereas the product web site was below development, we began with the event of a web-based survey. This survey was deployed nationally to get the broadest client response potential. Among the fascinating highlights that the survey revealed have been that:

64% of the respondents have been open and receptive to the brand new model identify – This was necessary to me, as a result of it meant that folks favored the identify.

The three almost definitely product classes to narrate the model identify with have been:
(a) security and first assist merchandise;
(b) private well being/hygiene merchandise, and
(c) over-the-counter prescription drugs.

Over 50% of the respondents chosen the model identify to seem on bandages, joint ache ointments, sports activities/vitality drinks and chilly medicines/allergy aid.

They even supplied 9 descriptive phrases that buyers selected:

These adjectives arrived at by way of our market analysis are connotations that almost all producers would like to have related to their product identify!

Why was it necessary to find out adjectives? As a result of these connotations turned the key phrases we utilized in creating all advertising supplies. We needed to make use of phrases that resonated with shoppers.

Primarily based upon the market analysis findings, we created a PowerPoint slide present as an instance the best way wherein shoppers interfaced with the model identify. This was efficient as a result of it mixed visuals – together with graphics as an instance the product settings together with the highly effective advertising phrases that touched the shoppers. This PowerPoint additionally served as nice single ‘level and click on’ visuals on the web site. The advertising findings have been written up into a fast truth sheet that web site guests may obtain and consider at their comfort.

Essentially the most comforting end result from my market analysis funding was that the survey supported my principle that this exceptional identify was a “constructive model identify strongly related to a number of product classes.” Was it well worth the expense to spend money on market analysis? Sure, as a result of it gave me perception into my shoppers’ minds plus priceless wording for future advertising efforts in print, on-line and displays. It additionally saved me cash by investing in flyers and a web-based web site presence that may join with my potential shoppers.

I strongly advocate, in case you are an inventor, you’ll want to put aside cash for an impartial market analysis in your product concept in addition to your product identify. You can be glad that you simply did!