The Worth of Market Analysis
In 2005 I used to be able to see if all of my efforts to patent and trademark my new model identify have been actually definitely worth the effort. My model identify was registered in the US and thirty-three international international locations, however would it not catch the patron’s eye, or extra importantly, their pocketbook? Here’s a case examine of my experiences in actual world market analysis.
In 2005, I had 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 internet growth to create an informational web site and the second was a market analysis firm. The main target was to get the phrase out about my new model identify.
Whereas the product web site was below building, we began with the event of an internet survey. This survey was deployed nationally to get essentially the most broad shopper response potential. A number of 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 essential to me, as a result of it meant that folks favored the identify.
– The three almost certainly product classes to narrate the model identify with have been: security and first support merchandise, private and hygiene merchandise and prescribed drugs.
– And over 50% of the respondents chosen the model identify to look on bandages, sports activities/power drinks and / or chilly drugs.
They even supplied 9 descriptive phrases that buyers selected: therapeutic, comforting, supportive, reliable, reassuring, dependable, soothing, safe, and protected. Why was it essential to find out adjectives? As a result of these turned the key phrases we utilized in creating all advertising supplies. We needed to make use of phrases that resonated with shoppers.
Based mostly upon the market analysis findings, we created a PowerPoint slide present for example the best way during which shoppers interfaced with the model identify. This was efficient as a result of it mixed visuals – together with graphics for example the product settings together with the highly effective advertising phrases that touched the shoppers. This PowerPoint additionally served as nice visuals as 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 examine at their comfort.
Probably the most comforting outcome from my market analysis funding was that the survey supported the idea my product was a ‘optimistic model identify strongly related to a number of product classes.’ Was it definitely worth the expense to put money into market analysis? Sure, it gave me perception into my shopper’s minds and useful wording for future advertising efforts in print, on-line and displays. It additionally saved me cash by investing in flyers and an internet web site presence that will join with my potential shoppers.
I strongly suggest, if you’re an inventor, you’ll want to put aside cash for an unbiased market analysis in your product. You may be glad you probably did.
John B. Williamson is an inventor who resides in Houston, Texas. His firm RealAid has been an journey in educating him within the sophisticated strategy of registering a model identify in each US and International Trademark places of work. Go to his web site at: http://www.RealAidBrands.com