You can do market research ANYWHERE, as one of our early clients learned.  They were a bit skeptical when we suggested doing market research on the back of one of those cards you get in a product deck, but the results proved the importance of testing the voice of your potential customer.

What we learned:

• Was there a market?
• Where?
• What where the key applications?
• Beta sites
• List for early sales contacts (about 328)

What we did with the data

• Positioning!
  • Solutions vs product
  • “3D surface texture analyzer” vs optical profiler
• Engineering
• Brochure
• Ad
• Article
• Sales book
• International Sales Meeting

Results

• We received a “Status Call” 18 months after launch
  • Between Month 10 and 18, our client’s stock had risen from $9/share to $16/share
  • The engineer who worked on project had been promoted to VP Sales & Marketing
• Within 3 years, product was outselling entrenched competition 5:1

ROI on consulting investment: ~ 40:1 within 1 year.

…and all that from market research on the back of a bingo card!

Today, there are so many venues for doing market research:  Polls on your website, in your blog, from your company newsletter, or by invitation to your user group.  Of course, market research is a keystone of our core competencies here at the MIP, so if you need help constructing questions, having the shelter of a trusted, independent third party, and benefitting from the perspective of our expert eye on the industry, email us or give us a call at (972)924-5310.

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