This was a great example of research supporting a New Product Development (NPD) process.
“After signing a non-disclosure agreement PFA put together a focused set of questions, which specifically allowed us to test the market without releasing specific details of my innovation. This protected my I.P. while enabling us to quantify market areas for the new product and to identify target customer segments. PFA clearly laid out the resultant information gained based upon astute interpretation of the research. People regularly say that market research is easy, but PFA’s superb approach throughout this process confirmed, for me, that the professional research was a worthwhile step in the innovation process.”
JER Innovations had a product concept at pre-prototype stage and before a great level of investment was made, there was a need to test whether there was a market for the product.
PFA did a market analysis project, entailing secondary, desk based, research to scope the broader market for the product. This was followed by two pieces of primary research:
The research assessed the size of the overall market, the likely level of uptake within that if the product solution existed and the conditions attached with the adoption of the technology. It confirmed a critical mass opportunity and unearthed other questions to be asked.
The research supported an application for development funding to enable the product development to progress.