An award-winning Canadian optical technology firm was planning a tech launch of its new product in the United States. Post entry into the United States, the company also wanted to understand the additional markets they should consider promoting the product in.
To sum up, the tech firm wanted a research methodology that met the following objectives:
- Findings they could present to investors to support the product’s market potential;
- Research that informed a go-to-market strategy for the United States;
- Data that could provide an actionable market strategy and define the target audience (including buying habits and interests).
Market Research Solution
As a result, the company commissioned Provoke Insights to administer a two-phase research project.
- In the first phase, Provoke Insights conducted secondary research to understand the global market potential. Using over fifty different secondary research resources, Provoke Insights provided a global perspective of the market opportunity.
- Subsequently, in this second phase, Provoke Insights conducted a segmentation study among 2,000 respondents. In short, this research determined the market potential, the different types of consumers who would purchase the product, and how their buying habits and interests differ. In addition, advanced analytics (a factor analysis followed by a cluster analysis) were performed to help define the technology key targets.
The secondary research analysis provided specific recommendations on which countries had the most market opportunity for the new optical technology. Specifically, it included:
- Profiles of different potential global audiences;
- The size of ideal markets;
- A summary of the worldwide market opportunity for hunters, hikers, campers, fishermen, outdoor enthusiasts, and technology/gadget aficionados;
- Global market trends/opportunities;
- Specific countries with an ideal opportunity for the new product.
The segmentation study determined market potential, ideal consumers that the new invention would appeal to, as well as buying habits and interests of those consumers. Moreover, from this information, Provoke Insights developed personas.
The research was able to give a face to their primary audience and gain an understanding of their reach in the United States. With the results, the company determined optimal global markets to enter (other than the US).
This was an essential step for the tech launch and global development. Not only did the research provide revelations about the potential of outdoor activities market and demographics of high propensity customers. It also provided validation for stakeholders to perceive the large market potential of the product. After the research was conducted, the invention was awarded a Top Tech at CES in 2019.
Read some of our past case studies here:
- October 6th, 2020: OTC Brand Research Survey
- August 13th, 2020: Kitchen Home Improvement Advertising Testing Research
- August 5th, 2020: Share of Voice for a B2B Global Manufacturer
- July 29th, 2020: Market Simulator & AI Qualitative for Leading Outdoor Company
Likewise, Read some of the blogs from our pros and cons series here:
- June 17th, 2020: The Pros and Cons of Online Focus Groups
- February 6th, 2020: The Pros and Cons of In-Depth Interviews
- July 13th, 2020: The Pros and Cons of Online Survey Research
- June 28th, 2020: The Pros and Cons of Message Testing
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