September 5th, 2019
First time inventors with a great idea often get stuck in the mud before they even get started. To solve this problem, today’s guest is market research expert Laura Hazzard. She will help you better understand how to prepare yourself and your new product for the marketplace.
Laura begins by telling the story of how her curiosity got her to where she is today. She gives examples of some of the companies she was worked with and expresses how much she is able to learn from talking with people.
Dennis asks Laura what new inventors should do to begin their research. Laura discusses the immersion process and some easy places to find information on the internet. A SWOT analysis is an important step in conducting initial research, but Laura says that many inventors skip it. She then runs through exactly what a SWOT analysis consists of.
Laura always recommends talking to consumers and getting quantitative data. She shares ways to conduct these types of research on a budget, and a conversation begins about protecting your idea while gathering data. Laura then explains the certain types of market research that need to be done when a product’s sales stall. Dennis brings up how you can research products that are already in the marketplace and come up with ways to make them better.
We get some wise words of wisdom from Laura that identify what needs to be done with market research before anything else. She stresses the importance of doing things correctly the first time before she and Dennis give away some free gifts to listeners.