Innovation market research
Innovation refers to an innovative product, service or a process developed from an idea, established successfully on the market. The opportunity for market success can be increased significantly with a consistent market orientation in all phases of development. The two most important instruments for ensuring such market orientation are the comprehension of customers and innovation market research.
Innovation market research deals with a special form of market research. Classic research instruments from market analysis used in a form optimised to innovation development are typical.
Objectives of innovation market research are:
- To analyse the basic conditions for the introduction of innovations
- To provide information to optimise innovations in terms of need, requirements and competition
- To identify using empirical methods where there is a latent need for the development of new products
To achieve these goals, the innovation market research uses empirical methods, e.g. questionnaires and surveys. On this basis the following is analyzed:
- The product with its properties and customer benefit (if necessary, also by means of system analysis)
- The need in different market segments as well as their improvement
- The competition and potential of new competitors
- The requirement and motive of target group
As a result market and sales potential can be forecasted and ideas and proposals for further optimisation of innovation can be injected into the development process.
Numerous studies prove that innovation market research together with the integration of customers in innovation processes leads to a clearly higher success rate.
Also the findings thus obtained can be used in the context of a Business Model Canvas - planning.
Emergent Actio has experience in the implementation of innovation market research and the accompaniment of innovation or R&D projects. We will happily advise on your application possibilities.