How do you do “Market Research” ?

What do I do for “Market Research” on my product idea?

I am asked this question often from inventors who are just starting to develop their idea into a retail product. The answer is simple really – Go Shopping! Look around at what’s on the store shelves, the Internet, in catalogs, even ad circulars in the local paper – This is your market because that’s where your product will be sold when it’s developed.

Take a pen and paper (and even a digital camera) head out and collect some data.

These products are called “comparables” When you find a product even remotely similar to yours simply make a chart and record the following information about it.

-Name of the Product
-Description Packaging type/style
-Price
-Retailer
-Display (ie: Hook, Strip, Floor display….)
-Picture
-Differences between it and yours
-Things it does better – Things it does worse (be honest)

When you take a look at the chart that emerges from this process you quickly start to see the market in terms of the ‘Big Picture”. This data will show you not only the competition, but also the price range the market will support, the solutions the market currently offers the consumer, and retailers that are likely to carry your product.

There is a lot of information just looking back at you in that store aisle....you just have to learn to use it!