Unsure about launching a new product or service or debating about entering a new vertical? There are so many questions to ask and answer. What are the necessary certifications? Input voltages? Sales channels? Market size and growth rate (CAGR)? What are the various categories of applications or product types for the new market sector? These questions are important, and a lack of answers can lead to decision paralysis or costly mistakes.
In many cases, the right path becomes clearer with targeted market research. Consider these three examples:
Example 1:
PROBLEM: A harsh environment luminaire manufacturer was considering entering the radiation-hardened luminaire market for particle accelerators and nuclear power plants. Before committing to expensive product development, they needed information on the market size, projected growth, major players, applications, performance expectations in terms of radiation levels, and pricing for competitor rad-hard products.
SOLUTION: Our firm worked with the client to create a set of eight questions that defined the market research project. Highly targeted research kept the project affordable and provided actionable intelligence. A final report was delivered in less than 30 days.
RESULTS: The manufacturer benefited greatly from the report, decided to launch the rad-hard luminaires, and has now re-engaged with our firm to explore another harsh environment market.
Example 2:
PROBLEM: A decorative lighting manufacturer approached our firm for assistance in planning their first move into smart lighting products. They were unsure which smart lighting features (i.e., warm dim, color tuning, voice assistant control, color changing, etc.) were most important to each of their verticals and channels or which technology enables each of the desired features.
SOLUTION: Our firm conducted a rapid turnaround, affordable market research project, interviewing a dozen reps and channel sales managers across each of their major distribution channels. We also researched and provided technology options for each vertical targeted.
RESULTS: Our firm identified the smart lighting features that are most important for their healthcare, senior living, hospitality, showrooms, and e-commerce customers. We clarified what subcomponents are required for warm dim, color tuning, etc. Based on the project, the company has already launched warm-dim products for one of their targeted vertical markets.
Example 3:
PROBLEM: An overseas lighting control manufacturer has received some organic demand in North America for its products. They requested our firm’s help in determining whether to make larger investments into the North American lighting controls market based on the control protocol that they utilize.
SOLUTION: Our firm conducted interviews with a handful of top lighting control experts in North America. The questions revolved around market adoption of their control protocol. In our research, we also identified which major lighting and control manufacturers are producing products with that protocol. In addition, we compiled names of major integration firms as a potential target customer list.
RESULTS: Our report answered the client’s vital questions and provided the data necessary for the company to make a decision on whether to enter the North American market.
Market research can become complex and very expensive… if you let it. Instead, consider a targeted, low-cost market research project to address the market unknowns holding back your business’s growth. To discuss how we can create an actionable, quick-turnaround market research project to accelerate your business planning, email me at david@lightingsold.com.
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