You made the determination that a demand exists for your new product idea.  The financing to get your business off the ground is in the bag; and you are certain that you have a great product to take to the market. However, here's a question that you must ask yourself. Does the consumer know how great your product is?

Congratulations! You have made it over the first few hurdles in the process of taking your new product idea to the market. Now comes a big and important challenge -- raising the financing for your business. 

As outlined in earlier posts, we're highlighting the important ways that market research can inform your strategic business planning and decision-making. Knowing how to skillfully use market intelligence will provide a solid foundation for your product's success.

Children have long held sway in regards to purchases made by the average American household--especially in regards to food and beverage products. Recent years, however, have seen moms' purchasing decisions increasingly influenced more by the internet and social media and less by the mouths of babes. According to market research publisher Packaged Facts, U.S. moms and the $200 billion they spend annually on food alone for their households are now so tuned into blogs and mobile apps when making purchasing decisions that marketers have had to significantly change how they engage moms as shoppers.

After you have determined whether your new product idea or service is viable for starting a new business, the next step is to figure out what consumer segment is most suitable for taking a product to market.  Your market research process is a major contributor to starting a new business.

In the instance of our case study product, the Dynamic Ingredients Dispenser (DID), we already have a clear sales strategy: the home consumer market. As a result, the next step is to get more granular and figure out whom the real target in the market is.

The recent Supreme Court ruling on the Myriad Genetics patent dispute was monumental for the IVD market.  Its 17-year monopoly on BRCA testing for genetic risk for breast, ovarian cancer was brought to an end.  According to Kalorama Information, this decision couldn't have come any sooner. In my opinion, they're right.

In plain terms, the Supreme Court ruled that a company can't patent genes that naturally exist. On the other hand, genes that are developed by a company in a lab comfortably fall under intellectual property protection.  This is good news for the sake of innovation and progress in the Cancer Diagnostics market. Human genes can't be patented.  It should be common sense, but we all know that common sense isn’t always common.

Coming up with an idea for a new product can be exhilarating. Figuring out the product's commercial viability, though, involves a complex collection of factors that have to fall into place before that great idea lands in front of consumers and then takes off.

America is nothing if not a nation of resiliency. Our economy's dynamic convalescence during and after the recession has added to America's long, storied history of triumph amidst adversity. Consumer market studies echo that sentiment. 

Shaping your approach to market research can make the difference between money well spent and money wasted.  Whether marketing for a market research firm or starting a new company, the right approach is vital to accomplishing your goals.  According to Greenbook, 35% of companies increased their market research spend in 2012.

Who hasn't heard about the millions of dollars being raised through crowdfunding initiatives? It certainly indicates demand for a product and encourages brand advocacy, but if you're looking at crowdfunding for any sort of business intelligence, you might be counting your chickens before they are hatched. 

Crowdfunding has been wildly successful since it's mainstream debut in 2006.  According to research firm Massolution, its market size is projected to grow to $5.1 billion by the end of 2013 and it's geographic expansion is isolated to the United States and Europe.  According to Go Get Funding, the U.S. and Europe account for 59% and 35% of worldwide crowdfunding capital.

My earliest memory of market research takes me back to Christmas shopping with my mom twelve years ago. We were paid ten bucks to give our opinions on our preference between Coca-Cola Classic and Pepsi (For the record, yours truly is a Coca-Cola Classic man). I did not have the slightest idea how to obtain business intelligence, but I did know what made a tasty beverage.