Given the highly globalised corporate climate in which thousands of organisations operate, Intellectual Property challenges are becoming more prevalent. With a tremendous increase in the level of competition created by this environment, businesses understand how crucial it is to preserve their IP while having requisite insights about the market in which they are likely to succeed. The term “Intellectual Property” (IP) encompasses protection offered for technical inventions, trade names, industry reports produced by research companies, photographs, books, recipes, medications, trade secrets, industrial techniques, and architectural designs.
A thorough market study can give important insights into opportunities, audiences, market influencers and trends, competitors, and product-market fit when considering commercialising a product or a service offering. These insights can guide decisions on how to scale the business opportunity, assess success, and move commercialisation activities forward.
Market research is any organised effort to gather information about target markets or customers. It is an essential component of business strategy and involves a process of gathering, analysing, and interpreting information about a call, a product or a service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.
Market research emphasises how crucial it is to understand target market to guide decision-making processes connected to commercialisation. Market research is concerned with identifying and evaluating the audience’s interests and input from actual consumers, whereas a value proposition may be guided by a theoretical audience based on facts. By defining specific market categories and effective sales messaging, defining pricing parameters (i.e., what customers are willing to pay for the product/service), outlining satisfaction measures and key marketable features, and conducting focus groups, surveys, interviews, and other activities, commercialisation efforts can be guided.
We at IIPRD, through our team of MBA’s, Accountants and Technical Subject Matter Experts (SMEs), provide a unique combination of research analysts who provide comprehensive market and revenue analysis reports on companies/ products/ technologies per client requirement.
We conduct questionnaires for data collection, identify targets for interviews and have a dedicated field staff to conduct primary market research. Primary market research involves speaking with consumers and ends users directly to get raw, unedited feedback, thoughts, and information about a particular market opportunity. This time-consuming process is frequently carried out through individual surveys or one-on-one interviews, but it is incredibly beneficial since it offers valuable insights. These insights can help increase the value a consumer may receive from your idea or new product.
We also conduct secondary market research studies using the information assembled by government agencies, industry and trade associations, labour unions, media sources, chambers of commerce, educational institutions, scholarly articles, research studies, subscribed databases etc., within a quick turnaround time, to cater to your business needs.
Our reports, which include Competitive analysis, help clients identify critical competitors, emerging players/products, competitive landscape, white space analysis, market gaps, markets covered by a particular technology, among other attributes/parameters. Competitive study, also known as competitive intelligence, examines direct and indirect companies that create goods or services that compete with a suggested product the Client would like to market now or in the foreseeable future. While indirect competitors provide a different kind of product or service that offers the same functional answer to the market problem in the target market, direct competitors are those businesses, people, and sold items that are substantially comparable to planned offering. Although indirect rivals may provide various value propositions through multiple features, they nonetheless address the same issue is the desired to be resolved.
It is a never-ending process to identify a competitor’s advantages and disadvantages, and its an innovation arms race to determine who can quickly create and improve products and satisfy customers. Customers can use competitive analysis to create a commercialisation strategy. Knowing where competitors are in the market can help spot a void where new product might be able to excel. Revenue analysis reports provide a complete detailed analysis of a company’s performance and assist clients in determining licensing revenue, royalty, litigation cost and more. Furthermore, IIPRD assist in retrieving and presenting most relevant data through access to multiple paid and technology-specific databases.
We at IIPRD provide a complete range of services and solutions relating to market research and analytics to Corporate and Consulting Firms around the globe. IIPRD has requisite skill set to analyse problem statements, execute research projects based on identified problems, and retrieve relevant data to potential solutions of such problems. IIPRD has experience enabling clients to derive maximum value from research by providing comprehensive market and revenue analysis reports on companies/products/technologies. Market research plays a vital role in Intellectual Property Matters such as Licensing, Technology Transfer, and Litigation. Such statements help the customers including corporate entities and global law firms identify strong competitors, emerging players/products, and markets covered by a particular technology, among other desired information. IIPRD combines a client-focused approach with robust project management to offer a unique experience to clients. IIPRD can provide reports in syndicated formats or which can be customised to include key elements that clients prefer to have analysed as part of their research objectives.
Following new research and knowledge, a possible product, technology, or service must go through a complicated, interrelated set of decisions and related actions that must be tailored to match the present and anticipated market conditions. These actions or choices must be made simultaneously since each option may impact the viability of many commercial avenues that a new good or service might take. Individual decisions made today must be linked to a desired, anticipated opportunity tomorrow. These choices increase the likelihood that new interest or service will get enough traction in the market to produce recurring and dependable income that meets company’s demands (for-profit corporation, not-for-profit, or social enterprise).