Market Research

Often times inventions are made because they solve problems, and thus are made for a target audience; hence, it does not make sense to invent a problem-solving tool and not have a plan to market the invention. It is even worse when the invention gets patented without knowing if there is a market for the invention. Without a market plan, most of an inventors resources, including money, time, energy, etc. can be wasted, and that is why it is important to have a clear market plan, and you can only make such plans after carrying out market research.

One of the biggest expectations as an inventor is to know your market. As many inventors have seen, on popular shows such as "Shark Tank", the inevitable question of "What is the company valuation?" is often times a reflection of what the company is worth relative to the size of the market or industry. Entering a big market helps out the company valuation positively, thus, allowing investors to inject more capital into the business. It is imperative that you carry out a comprehensive market research for the idea you hope to invent, based on the audience you intend to target. From the results, you would know how people deal with similar products, and the prices they think should be regarded as fair, and also the features they think the products should have. As part of the market research, it is important that there is a prototype of your invention that can be evaluated by people, hence, the prototype should be as attractive and functional as possible, hence, you need an expert prototype builder, and that is one part where you can bring us in, to give you a prototype that is close to the final product as possible.

As part of the market research, there is the need to have an estimate of the cost of the manufacture of the product, and this can be done by checking the prices of similar products. It helps you know just how best to price the product such that the target audience will get attracted to your invention/product.

Conduct the Research

Conducting a market research can be really tedious, as you will have different factors to compare, and on the long run get caught up in a maze of uncertainties. When conducting market researches, you can do this by running surveys, or questionnaires to compare your product with already existing products. These surveys and questionnaires should be targeted at your intended target audience. Furthermore, you need to take into consideration the cost of manufacture; hence, you may need to do an adept study about potential competitors, with respect to the materials used, and their costs. That helps you pick a range to fix the price of your product/invention.

There are several intricate parts of a market research, and there is every probability that you will miss them, especially if you are not used to carrying out market researches, and not carrying a proper market research before hitting the manufacturer with your invention can jeopardize the profitability of the product, and make you run into losses. Hence, the importance of carrying out a proper market research for your product cannot be overemphasized, and that is why you need us to do a professional job of conducting an effective and efficient market research for your invention or product. With our team of experts and professionals, we will go through every detail, even the tiniest, in ensuring that at the end of the day, you get the right market research results, and are able to manufacture your invention based on what your target audience wants.

At One Stop Inventing, there are several services we offer that can assist you in carrying out a very effective market research that will enhance efficiency and productivity, and these services include:

-Brochure Design

We can design a brochure that is both professional and attractive and will give the reviewer a feel that is close to the real thing. There is no fixed price for this, and it varies based on your requirements and needs.

-Questionnaires and Surveys

If you decide to go through the market research process yourself, but do not know how to go about creating the surveys and the focus groups, surveys, or questionnaires, you can contact us and we will have something professional and effective set up for you, so that you just know how best to effect changes where necessary.

-Market Research

There are various methods to carry out market researches, and these methods have their unique processes, however, if you want us to try different methods on your behalf, we can, and we will do a very good job at it. As usual, the price is not fixed; hence, it varies based on different factors including the methods, and the various levels of research used.

-Evaluation

If you have carried out the market research yourself and need to know how the results can be translated into something meaningful for your product, we can assist you in carrying out evaluations. We will have your market research evaluated and then help you identify where you need to apply changes to your product/invention, in order to meet the requirements of your target market.

If you want your product or invention to get to your target market, then you know you have to have a proper market plan and marketing strategy. Note, it is a common habit to interchange marketing research and market research when both mean different things. Marketing research basically has to do with the methods applied in getting your product or invention to your target audience, while market research refers to the study of how your product is performing or will perform when it gets to the audience. Proper care should be taken to ensure that you have a well thought out plan, and properly researched market strategy.

At One Stop Inventing, our team of experts and professionals will meticulously handle your market research needs, and thus give you the best results. We are a company that prides itself in delivering topnotch professional services, and we do not intend to compromise our reputation, hence, we will do all that is within our abilities to ensure that you get nothing but a comprehensive market research, if you allow us in on your project. We offer various other services that may interest you. If you have any questions please contact info@onestopinventing.com. 

Submit your idea for a thorough market research to start making educated product decisions.