Research

Every product has competition. Whether direct or indirect competition is found or determined, all data will help allow us to define the problems associated with your product. Knowing all the competition will also help identify the solutions in the open spaces in the market prior to putting anything on paper or on computer.
Even if you have a patent or prototype already, clearly evaluating your competition is critical to driving the product development down the right road. Defining who and what your competition is, both directly and indirectly is the single most important element of whether or not your product development succeeds.
If not researched well or if it’s overlooked, we can end up with a marketable product that is not covered by the patent or a fully patent protected product that is not in demand and or does not compete well in the market place for a number of reasons.

Market Research
The market will ultimately determine if your new product is a strikeout, hit, home run or a grand slam. However, accurately defining the details of the market in your industry from the start of the game is essential. Knowing what the potential volume and revenue of other like-products will in fact help us properly budget and project your new product volumes and revenue more accurately thus maximizing your return of investment and reducing your risk.
Anyone can create a product and throw it at the wall (market) to see if it sticks!  Many companies do it with out truly researching the market and we believe that’s why it’s estimated that 5 out of 6 great products fail in the market place. Without a real definition of the market for your product, you may find that it’s too expensive, too much competition, the problem being solved really is not a problem of the masses, too many choices already, too many established habits in behavior and so on. Or you may find that it’s priced right, there is demand, solves a big problem or fills a need of the masses and you’re at the right place at the right time.

Tech and Trends Research
As with most industries, there are fads, trends, advancements of technology and there is true displacement of technology. They can all have value and can all be profitable however, understanding where you are in the tech timeline and being one step ahead affords you greater ability to adapt to our rapidly changing times. Understand where your product lies in this timeline.

User Research
Who will be using your product and who will be buying your product may be two very different questions?  Having a deep understanding of who will be using your product and how, will give us great insight into who to design it for; which age group?  what gender? what type of person?, what features to include, what not include, how big, what style, etc, etc.

There are many criteria to determine who your target is and just as important, who it is not for. This demographic data is an absolute must with any new product development. Several ways exist to conduct this form of research. Questionnaires, surveys, interviews and observation are all methods to determine the behaviors of how and if some one performs a particular task.

Posted in: American Innovation