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How a Market Research Consultant Can Help Your Company

17 May 2021

Mary Jenkins

If your company does a lot of research and development with the aim of coming up with new products or perhaps creating entirely new product categories, you don't want to bring a new invention or idea to market without at least some knowledge of what to expect. That's where market research consulting can help you. Here are just some of the reasons why your firm might want to hire an expert on market research before you move forward with your next product or idea.

Figure Out What People Will Pay Before You Launch

You can have the best idea for a product in the world, but you might not sell very many of them if you launch the product far above market expectations. People are willing to pay for innovation, but if you ask for far more than what people think the product or service is worth, you are shooting yourself in the foot before you even launch. A bad first impression on price can drag down your sales well into the future, even if you course correct and lower the price later on.

Figure Out If Your Next Idea Has a Market

Your lab guys are always looking for the next big thing, and now, they think they've found something worth bringing into full-time development. But even if everyone at your company is on board with the idea, it can be helpful to make sure the world at large will be on board before you spend money on actually manufacturing this idea. A market research consultant can take a look at what you have while remaining discrete or under a nondisclosure agreement and help you figure out if it's going to sell or not. This could include taking steps like putting together a focus group to talk to the public at large before your idea actually becomes a real product.

Figure Out Where You Should Focus Your Advertising Dollars

You now know there is a market and you are selling your product at the right price. But if you want to keep sales going after the initial launch, you may need a long-term investment into advertising. Again, your market research consultant can help with this. He or she will look at the initial sales data and figure out who exactly is buying the product and if that matches up with what you initially thought would happen. Your consultant will help you narrow your target audience going forward so that your advertising dollars go further and help you reach the right people.

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