Market Research help required ....

TheTalkingTurboTrainer

So I've come up with a concept that I've pitched to an american innovation and design company. They think it could be a big and global idea. There's nothing out there like it and no patents out there either based on the research they have done.

They want me to go and get some market research done and then, depending on the results, they would be interested and coming up with a deal and providing a lot of the captial etc to get it off the ground and to pitch to the right companies.

Anyone here in Market Research or can anyone recommend a number of good firms who could assist? Preferably with a background in IT research.

Thanks!

GiantMike

TBH, 'Market Research' sounds like a waste of time. If the product is good the company should be able to see it's worth and invest accordingly. If you get a MR company to do some MR for you, the result should be very positive because they should do it in a way that best suits the customer, i.e. you.

Good luck with an interesting-sounding venture

TheTalkingTurboTrainer

Thanks, but I disagree with you. Anyone who you want to get interested in an idea or concept you need to have a solid basis for making them think it's a good idea. You won't get the opportunity to pitch to the right people just by saying "Hey I've got a good idea, it's XYZ, how about you chuck some money at me and we do this together?". You need to prove it's value in the wider market. Lots of people have what they perceive to be good ideas but until you get the proper research carried out, you may think it's a good idea whereas others think it's a waste of time.

This firm won't commit capital until they see the research that backs it up. Once it is done and assuming it's favourable then they'd hopefully commit and work together to take the next steps towards patent application and marketing it.

I guarantee you that if I was to say appear on the Dragon's Den they'd be like "do you have a patent?" have you got solid research or a firm order from a large organisation who want to implement this on a large scale? Until we see that, we're out". The risk to them and indeed anyone would be too high without proving that the product/idea has viability on a larger scale than simply what I think is a good idea.

Thanks though, I appreciate all feedback. Even if it's feedback I don't necessarily agree with

teagar

An internet forum primarily based on cycling probably isn't the best place to look!

TheTalkingTurboTrainer

You'd be surprised what people's occupations in here are.

whyamihere

Get in touch with Cosmopolitan magazine. From all the cosmetics adverts, it seems their readers will say any old crap's the best thing since sliced bread.

Chip \'oyler

TheTalkingTurboTrainer wrote:

Thanks, but I disagree with you. Anyone who you want to get interested in an idea or concept you need to have a solid basis for making them think it's a good idea. You won't get the opportunity to pitch to the right people just by saying "Hey I've got a good idea, it's XYZ, how about you chuck some money at me and we do this together?". You need to prove it's value in the wider market. Lots of people have what they perceive to be good ideas but until you get the proper research carried out, you may think it's a good idea whereas others think it's a waste of time.

This firm won't commit capital until they see the research that backs it up. Once it is done and assuming it's favourable then they'd hopefully commit and work together to take the next steps towards patent application and marketing it.

I guarantee you that if I was to say appear on the Dragon's Den they'd be like "do you have a patent?" have you got solid research or a firm order from a large organisation who want to implement this on a large scale? Until we see that, we're out". The risk to them and indeed anyone would be too high without proving that the product/idea has viability on a larger scale than simply what I think is a good idea.

Thanks though, I appreciate all feedback. Even if it's feedback I don't necessarily agree with

If you read 'Buyology' http://www.martinlindstrom.com/ you'll see that Market Research is a waste of time. If the company has the funds then Neuro Marketing Research would be the way to go. People can lie when asked questions - your brains responses don't lie.

DrewDubya

Market reserach conducted well isn't a waste of time - it should help refine and define a concept, reduce risk and deliver an overall better thingamybob

However, be very careful - by conducting market research you are potenitially going to perform a public disclosure which will mean that you are unable to file any IP. Idealy you should file before conducitng public research.

TheTalkingTurboTrainer

However, be very careful - by conducting market research you are potenitially going to perform a public disclosure which will mean that you are unable to file any IP. Idealy you should file before conducitng public research.[/quote]

Thanks, the research would be done under specific terms. The company would need to sign an NDA first and the research wouldn't reveal anything about the product or what I was trying to do so there is no danger there. I understand your point though, thanks

I also think that whether other believe market research is a waste of not or not is irrelevant. Those potentially interested in it want it done so to get them on board it needs to be. Personally I think there it also needs to be done. it's not something aimed at the consumer but more the corporates. So phone interviews where people can lie are likely to not be a factor

Neilums

What information do you want to gain from the research? Market / industry analysis, consumer / customer insight, or all of the above? Do you want it to guide product design and / or drive aspects of your business and marketing plans?

Depending on your budget and the scope of your requirements, hiring a firm could be quite expensive.

Have you applied for IP protection?

Porta105

Is it a talking turbo trainer?

TheTalkingTurboTrainer

Porta105 wrote:

Is it a talking turbo trainer?

Yep it comes in either American:

"GO Team!! You can do it! Yeah! Nice one buddy, you're doing great!!"

Or British:

"Weather's a bit sh*t, shall we go to the pub?"

:P