Problem
An award-winning Canadian optical technology company was preparing to launch a new product in the United States. After entering the U.S. market, the company also aimed to identify additional markets to consider for promoting the product.
In summary, the tech firm sought a research methodology that fulfilled the following objectives:
- Findings that could be presented to investors to demonstrate the product’s market potential.
- Research that informed a go-to-market strategy for the United States.
- Data that could provide an actionable market strategy and define the target audience, including their buying habits and interests.
Solution
As a result, the company enlisted Cognitive Market Research to carry out a two-phase research project.
- In the initial phase, Cognitive Market Research conducted secondary research to gauge the global market potential. Leveraging over fifty diverse secondary research sources, they provided a comprehensive global market opportunity assessment.
- In the subsequent phase, Cognitive Market Research performed a segmentation study involving 2,000 respondents. This research identified the market potential, various consumer types likely to purchase the product, and the differences in their buying habits and interests. Additionally, advanced analytics, including factor analysis and cluster analysis, were employed to pinpoint key technology targets.
Results
The secondary research analysis offered detailed recommendations on the countries presenting the greatest market opportunities for the new optical technology. Specifically, it included:
- Profiles of various potential global audiences
- The size of ideal markets
- A summary of the worldwide market opportunity for hunters, hikers, campers, fishermen, outdoor enthusiasts, and technology/gadget enthusiasts
- Global market trends and opportunities
- Specific countries with the most promising prospects for the new product
