May 31, 2012
Stockholm, Sweden (RPRN) 05/31/12 — The launch of a new product can be a daunting task even for an experienced and well-established company, but for a start-up the pressure is even greater. This means undertaking market research on the product’s target audience is a valuable exercise, according to global provider of market research software, Cint.
Companies may pay particular attention to planning the launch event and associated PR and marketing, rejecting market research as an activity that can be carried out during a less busy phase. However, a pre-launch research project should be high priority in order to understand whether the product or service being launched is of interest to the target market, but also to gain better understanding of the best approaches for the launch and marketing vehicles. This process is vital, especially for a start-up that does not have the heritage or reputable name to fall back on.
In addition, gaining such market insight can influence last minute improvements to the product or service, branding or pricing structure. In a recent consumer survey carried out by Cint, it was revealed that 62 per cent were more likely to purchase a brand’s product if they were asked their opinion in a study. Therefore, undertaking research can bring exceptional brand and product awareness to potential customers or clients.
Bo Mattsson, CEO of Cint, commented: “Carrying out market research can be a very quick and easy task and will result in the company gaining insight before developing uncertain strategies. Understanding angles such as a target market’s typical income level and what they find dissatisfactory with their current purchases will give the start-up a better comprehension of pricing-points and key messages – these are simple factors to consider prior to launch but ones that can be overlooked in the hurry to get a product or service to market.
“DIY market research can particularly suit start-up businesses because it allows them to target the demographics they want, quickly and cost effectively. The approach gives start-ups the freedom to choose to survey people based on elements such as age, geographical area, interest, proprietorship or skill. Alternatively a business can choose to deploy questions to people only within a particular survey panel; for example, with Cint you can access thousands of parents associated with Netmums or Emma’s Diary.”
Having a clear understanding of a target audience and its expectations through research will help to give start-up companies the market intelligence needed to be able to launch a new product more efficiently and effectively.
For further information on Cint Access, visit www.cint.com.
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