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Does anyone have any good tips on doing your own market research?
scooternauman's Avatargold
john"Scooter" nauman
49,000
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I’m trying to do some market research for my product and am having an extremely hard time finding any good info. In particular I’d really like to find out how many units of a certain product are sold each year. Also what types of people are really buying that product. This product is largely sold in amung others, the big box hardware stores. Does anyone have any good tips on finding this kind of information.
posted January 04, 2011 04:23 (
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criteriond's Avatar
Criterion Dynamics

Ha…

Got the ‘Jo’ right at least.

Apologies…

posted January 06, 2011 08:22 (
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scooternauman's Avatargold
john"Scooter" nauman
49,000
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Who’s Josh? Just messin’ with ya, I know who you meant. Thanks for the links. some great info there! Just started looking around on those links! That’s the kind of info I’ve been lookin’ for!!! Thanks again man!

posted January 06, 2011 00:28 (
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criteriond's Avatar
Criterion Dynamics

Hey Josh,

To complement Bob’s tips:

Google can be an underrated source of data, particularly if you familiarize yourself with advanced boolean search operators.

For product category sales, the US Census Bureau can be a good source of data. For ease of searching Census data, and Google-able data, you can visit http://www.criteriondynamics.com/statistics

For demographic data, try to find survey/study results that are publicly available. For an easier way to use Google to find such data, visit http://www.criteriondynamics.com/surveys

Factiva (factiva.com) tends to be a great source of survey data and more, sometimes they offer free trials. There may be free resources accessible through your public library which are less useful (like Ebscohost).

Of course, feel free to do conduct your own surveys/focus groups if you choose to. But if you ever bother to go that rout….remember that just like with secondary research, the idea is to find data that will help you identify what drives sales in a particular category – that is what allows you to predict future sales and what not. You can’t rely too much on what people tell you they would or wouldn’t buy.

posted January 05, 2011 14:23 (
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let-them-fly's Avatargold
Frank White
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I kinda figured that about your invention after I posted this.. wasn’t really sure if you had just the one or not. You being a Machinist and taking the time you did to develope it, it’s got to be a useful device; it will be a matter of getting it in front of the right set of eyes. Maybe one of the ones reviewing it has some contacts that will come through for you!

“Goodyear” actually used the helium concept in WWII, and it worked pretty good… the plane looked like a childs blow-up toy, but it was very airworthy.

I have a couple places pending on the ornaments and will have an answer after the 12th.

posted January 04, 2011 21:42 (
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scooternauman's Avatargold
john"Scooter" nauman
49,000
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How’s that whole ornament thing going for you by the way? Have you heard back from any of the companies you approached with it?

posted January 04, 2011 21:04 (
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scooternauman's Avatargold
john"Scooter" nauman
49,000
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I did see the helium core wing, cool idea but I don’t think it’d work in this case. I’d be afraid we’d be sucking on the wings all day and have nothing left to fly with.LOL I did just check the evENing news thread and LOVED IT! As far as your approach, it really wouldn’t work in my case since I only have a proof of concept prototype and no patent. I did however just send it of to 2 fellow ENer’s who offered to sign an NDA and take a look at it. I hope to get some good feedback that way.
posted January 04, 2011 21:02 (
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let-them-fly's Avatargold
Frank White
38,000
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Hi Scooter,

Back when I guaged the public’s reaction to my ornaments, I took twenty one of them to several small(private) retailers in a 100 mile radius, told the owner what I was doing. I ask if they would put a couple in a prominent location, price them as they see fit, and take notice of who seemed most interested in them. Surprisingly (and to my great relief), all were willing to help out!
Near the close of business on the second day I called each of them and was again pleasantly surprised to learn ALL of them had been sold! The owners related who seemed most attracted, how much they paid, and also expressed interest in stocking them due to their customers asking for more.

I’m not sure how practical doing something like that would be in your circumstances, but it provided excellent insight on how the public may react/respond when they come upon it.

btw: Did you happen to notice the “Helium Core Wing” design I put in the FLUGTAG thread?
**also, look over in the “evENing news” thread, as I made a special caricature just for you…

posted January 04, 2011 19:00 (
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scooternauman's Avatargold
john"Scooter" nauman
49,000
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thanks biskit i’ll look into that.

posted January 04, 2011 07:15 (
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goodolbakeshop's Avatargold
kevin da biskit
143,500
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John a guy on here (not sure how often he stops in) named Scott Thieman (Pegman) has, I believe , a warchest of research on tools/hardware stuff, and an equally large-sounding file of personal experiences. You may want to friend him re: that stuff…of course it may all be proprietary, I have no idea.

posted January 04, 2011 07:11 (
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scooternauman's Avatargold
john"Scooter" nauman
49,000
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That’s some great info Bob thanks. I’ll have to put together a little pitch to do just that. Good idea. Who could I say I work with…HMMMMM?
posted January 04, 2011 06:57 (
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Bob Kochem
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Go to several Home Depots, Lowes, and other HW stores (Ace, True Value, Sears, etc.) and ask to speak to the store- or department-manager ; go as high as you can get. Introduce yourself and explain you’re doing Market Research and that you’re working with a company that brings innovative products to market. Ask if they can help you.

I’ve done that and encountered some surprisingly helpful people. One HD Store Manager opened up his online sales records and gave me numbers for the year for several products.

For one type of tool I was able to extrapolate up from the number of stores in the chains (you can find that online) and the unit sale-price of related models to estimate an annual dollar volume for your field.

This was a bit of work over several weeks but it was worth it; A professional-looking Market Analysis can really boost your credibility.

Helpful Hints;

- Before asking, grab an item off the shelf for which you’re interested in sales-history. They can look up the SKU and tell you.
- Don’t take too much of their time, and be sure to express your appreciation.

On Technique; Asking people “Can you help me?” is far more effective than something like “Do you have this data?” For the former people like to help. For the latter, you open the door for “no” (nobody likes to admit they don’t have something) or worse “I’m not supposed to disclose that.”

posted January 04, 2011 06:43 (
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scooternauman's Avatargold
john"Scooter" nauman
49,000
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Hey Jack thanks! I just shot you an email. Look forward to hearing from you.

posted January 04, 2011 06:38 (
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nimblejack's Avatar
Jack D'Alelio

Scooter, if you can e-mail me more info I’ll be happy to take a stab at it. If you need me to sign and NDA that’s fine too!

Jack

posted January 04, 2011 04:30 (
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