If you are developing a new product, research is critical for many reasons. David Fannin of Sorcit has some tips to help you succeed, and introduces a new concept, Presearch.

Most new products fail before they get off the ground. Some experts estimate that the new product success rate is no higher than 14%. This results in wasted time, money and opportunity. Conducting research with your target market helps you increase your chances of success in the high-risk arena of new product development by helping you identify unmet needs, screen concepts and plan for marketing communications to support the successful launch of your new products. 

“Presearch” can be undertaken in a variety of formats, with it’s main aim to establish:

• if there are any other products the same/similar to yours in current circulation;
• what testing or legislation you require to understand for you launch to your target market;
• potential retailers, or distributors that are selling similar products to the market;
• and example pricing structures and end retail price points. 

More detailed or focussed PRESEARCH can be done with, for example, patent searches. If patents have been applied for and a form of current protection stops you developing your idea. A great starting point are web searches, and the patent office website search engine. This will list all current patents and new applications going through the process.  

PRESEARCH, is a low cost, quick and simple process of consumer testing which can be done on Sorcit’s premises in our own facility. It will allow you to gain valuable insights into your market and define and refine your work every step of the way from needs assessment to developing your “go to market” proposition.   Market research will improve your chance of new product success with timely and actionable information.  Sorcit can help you to understand what makes your target consumer tick.    

Sorcit specialises in taking individuals ideas and developing them from concept through to manufacture.   If you currently have an idea which needs taking further, you might be interested in entering Sorcit’s MUMPRENEUR COMPETITION.   Over the coming months, Sorcit will provide exclusive advice here on  Market Research, Protecting your idea, Prototyping, Manufacture, Quality Control, Shipping/Logistics, Branding and Marketing/Promotion. In the meantime, why not take a look at www.sorcitproducts.com for more information about their services and to see examples of recent projects. And if you want to read more about registering and protecting your product ideas, this is covered in the Family Friendly Working Book which is only around £6 on Amazon at time of writing. You can also find other articles from David Fannin about inventing over on Family Friendly Working.