“Today I’d like to focus on the importance of market research and competitive analysis, when it should be conducted, and why. These are important initial steps in deciding how well a new product will compete in today’s marketplace.”
Dac Vu, general manager at DeviceLab Inc., offers this advice “A client recently approached DeviceLab with what he thought was a unique iPad accessory. The client was so enthused about their idea that they wanted to bypass the competitive research and analysis phase and surge ahead with product development. We recommended that a thorough research and analysis be done to help determine if the product had a place in the market. In the case of this particular iPad accessory, we performed a thorough research project and found that there were similar products already in existence. As a result, the client decided to hold off on developing this product, and concentrate efforts and money on something different. In this example, Competitive research and analysis saved the client time, money and wasted effort.
“We see this all the time…clients want to rush to the development phase because they have convinced themselves, beyond all doubt, that they have the next fool-proof idea. A company like DeviceLab, whose job is to produce a viable product for our clients, can conduct the necessary research and put you on a profitable path.