New Product Development Assessment
What makes WISC new product market research valuable to you?
Identifying the strengths and weaknesses of new products at an early stage saves time and money and enables you to focus on products that are likely to succeed. The best time to find out that a product idea is likely to fail is early in the process, before too much time and money have been invested. For products with promise, having an objective, third-party evaluation may result in stronger investor interest. The New Product Assessment looks at market need, trends and competition that would affect the likelihood of product success. When applicable, an expert opinion on any obvious technical feasibility issues will also be obtained.
- Assess market need and trends based on access to extensive databases and university library holdings including trade journals
- Interview key players in the industry to gain first-hand, objective insights into what your potential customers value most in products like yours
- Conduct a preliminary patent search that helps identify similar products that may be coming onto the market in the near future and provides you with a list of patents to review for degree of similarity to your design
Note: WISC does not employ attorneys. The preliminary patent search is not meant to provide a legal opinion on whether your product will be eligible for a patent.
Greater Small Business Success
New product development studies continue to show a strong relationship between early-stage market assessments and profitable new products.
NPA Report Components:
An assessment of your major competition to review what makes your product unique. We'll review a variety of print and online directories and databases, as well as perform a preliminary patent search to uncover any existing similar products. Then, we'll follow up by phone to a few selected companies with the most closely related products and patents for the most up-to-date literature and product information.
User Need Estimates
We'll use our industry contacts and/or an analysis of published market studies to assist in estimating the true market demand for your new product. Interviews with target market experts provide insights into what your customers want.
Analysis and summary of relevant trends (e.g., industry, regulatory, and/or demographic) accessed via trade association reports, published market studies, and other sources as needed.
For some product submissions, when functionality may be an issue, WISC will secure a preliminary review of the concept by a technical consultant to estimate whether product is likely to perform as intended.
6 to 9 weeks (30 to 45 business days)
To view sample New Product Assessment reports, click on the links below.
Starting a New Product Assessment Project
Contact WISC today at 262-472-1365 or email@example.com to learn more about Product Assessments.