What information do I need about a new product idea before contacting a market research firm?
I have a new product idea and would like to have market research done to determine feasibility in the market. I have not seen an article on the site about the steps I should take to get market research. How do I locate a research firm online? What are the average rates? What can I expect to receive from a study? Will the results give me everything I need to find investors?First off, you need to be fairly specific about your product and the type of audience you are targeting before you get into any market research.
Most research is qualitative--meaning you’ll get feedback about people’s perceptions about your product, its value and its use. A standard focus group typically starts at $10,000 to $15,000 and goes up from there. Google is a good place to start your search.
As far as results go, that won’t be enough for investors. You’ll need a comprehensive business plan for that. Better yet, develop a prototype of your product and test market it yourself by giving it to your target market and getting feedback. That may be the easiest and least expensive way to determine if there is an actual market for your idea.
All the best.