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What are the most effective research strategies when marketing a new invention?

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You have a brilliant idea for a new invention that could solve a problem, create value, or change the world. But how do you market it to potential customers, investors, or partners? How do you convince them that your invention is worth their attention, time, and money? How do you validate your assumptions, test your prototype, and refine your value proposition? These are some of the questions that require effective research skills when marketing a new invention. In this article, we will explore some of the most effective research strategies that can help you achieve your marketing goals and objectives.

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1 Know your audience

One of the first steps in marketing a new invention is to identify and understand your target audience. Who are they? What are their needs, pain points, preferences, and motivations? How do they make decisions? What are their current alternatives or solutions? How can your invention benefit them or improve their situation? You can use various methods to research your audience, such as surveys, interviews, focus groups, online forums, social media, or market reports. The more you know about your audience, the better you can tailor your marketing message, channels, and tactics to appeal to them.

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Chioma Joy Okonkwo (PhD, DEng)

Double-Doctorate Holder in Environmental Biochemistry and Engineering | Global Academic Coach | Research Consultant
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Identifying the target audience and choosing the right marketing channels are critical steps in successfully marketing a new invention. By understanding the target audience's needs, wants, and motivations, marketers can tailor their messaging and strategies to resonate effectively. Selecting appropriate marketing channels, such as social media, online advertising, or trade shows, ensures that the product reaches the right audience. Tailoring messaging and visuals to each channel's characteristics maximizes the impact of the marketing efforts.

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Khushbu Balsara, DDS, MPH

Postdoctoral Research Fellow | Global Health | JH-IIRU | Johns Hopkins Bloomberg School of Public Health | LinkedIn Community TopVoice
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This includes discerning their specific needs, pain points, and decision-making processes. Exploring how they currently address the issue your invention solves is also crucial. Employ diverse research methods such as surveys, interviews, and social media analysis to gather these insights. The more comprehensive your understanding of the audience, the more effectively you can customize your marketing strategies to resonate with them. Whether it's fine-tuning the messaging, selecting the right communication channels, or aligning your tactics, the goal is to make your invention not just seen, but perceived as a valuable solution to your audience's specific needs. ??????

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2 Analyze your competitors

Another important step in marketing a new invention is to analyze your competitors. Who are they? What are their strengths, weaknesses, opportunities, and threats? How do they position themselves in the market? What are their unique selling points, value propositions, or differentiators? How do they communicate with their customers? What are their pricing, distribution, or promotion strategies? You can use various tools to research your competitors, such as SWOT analysis, Porter's five forces, benchmarking, or competitive intelligence. The more you know about your competitors, the better you can identify your competitive advantage, gaps, or niches in the market.

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Khushbu Balsara, DDS, MPH

Postdoctoral Research Fellow | Global Health | JH-IIRU | Johns Hopkins Bloomberg School of Public Health | LinkedIn Community TopVoice
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In the field of public health, when launching a new vaccination campaign, it's crucial to analyze competitors. This includes assessing other organizations or countries running similar campaigns. Identify their strengths (e.g., high vaccination rates), weaknesses (e.g., logistical challenges), opportunities (e.g., expanding access), and threats (e.g., vaccine hesitancy). Understand how they position their campaign, communicate with the public, and their strategies for pricing, distribution, and promotion. This analysis helps you identify gaps and opportunities to improve your vaccination campaign's effectiveness. ??#PublicHealthStrategy

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3 Validate your assumptions

Another crucial step in marketing a new invention is to validate your assumptions. What are the assumptions that underlie your invention, such as the problem, the solution, the customer, the market, or the revenue model? How can you test them with real data and feedback? How can you measure your progress and performance? You can use various techniques to validate your assumptions, such as experiments, prototypes, minimum viable products, or key performance indicators. The more you validate your assumptions, the better you can reduce your risks, costs, or uncertainties.

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Khushbu Balsara, DDS, MPH

Postdoctoral Research Fellow | Global Health | JH-IIRU | Johns Hopkins Bloomberg School of Public Health | LinkedIn Community TopVoice
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In the realm of public health interventions, it's essential to validate your assumptions. This includes assumptions about the health problem you're addressing, the proposed solution's effectiveness, the target population, the feasibility of implementation, and the expected health outcomes. You can validate these assumptions by conducting pilot programs, gathering real-world data, seeking feedback from healthcare professionals and communities, and monitoring key health indicators. By rigorously validating your assumptions, you can enhance the effectiveness and impact of your public health intervention. ?????????? #PublicHealthValidation

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4 Refine your value proposition

Another essential step in marketing a new invention is to refine your value proposition. What is the value that your invention provides to your customers? How does it solve their problem, satisfy their need, or improve their situation? How does it differ from your competitors or alternatives? How can you communicate it clearly, concisely, and convincingly? You can use various frameworks to refine your value proposition, such as the value proposition canvas, the lean canvas, or the business model canvas. The more you refine your value proposition, the better you can attract, retain, or delight your customers.

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5 Choose your marketing mix

Another key step in marketing a new invention is to choose your marketing mix. What are the four Ps of marketing: product, price, place, and promotion? How can you optimize them to fit your invention, your audience, your competitors, and your goals? How can you balance them to create a coherent and consistent marketing strategy? You can use various models to choose your marketing mix, such as the marketing mix matrix, the product life cycle, or the product-market fit. The more you choose your marketing mix, the better you can deliver your value proposition to your customers.

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6 Monitor and evaluate your results

Another final step in marketing a new invention is to monitor and evaluate your results. How can you track and measure your marketing outcomes, such as awareness, interest, desire, or action? How can you collect and analyze your marketing data, such as sales, revenue, profit, or return on investment? How can you use your marketing insights to improve your invention, your value proposition, or your marketing mix? You can use various methods to monitor and evaluate your results, such as analytics, dashboards, or feedback loops. The more you monitor and evaluate your results, the better you can learn, adapt, or grow.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Angela Anandappa Ph.D.

CEO @ Alliance for Advanced Sanitation | Food Safety Expert
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And conducting market research today means you can engage a third party who can do all the data gathering and analysis for you or alternatively you may find it useful to do all the research yourself, or as a third option you may use a combination of the two approaches. In all cases, it is important to gather enough data to understand your product and it’s position the best you can. Having third parties provide honest feedback is difficult when you are present, and yet vital to help you understand and position your product. Find ways to get the most honest data and opinions. You don’t want to miss an opportunity to correct an oversight or fix your or your company’s blind spots.

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Valentin F.

Marketing Specialist @ Undisclosed | Digital Technologies, Generative AI, Crypto, Music Industry, Web3, Marketing.
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Don't underestimate the power of a well conducted interview and the useful insights you can get from that. Another thing is the power of observing without interacting. Study how people interact with your product in every relevant aspect that can benefit your research.

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What are the most effective research strategies when marketing a new invention?

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3

4

5

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7

1 Know your audience

2 Analyze your competitors

3 Validate your assumptions

4 Refine your value proposition

5 Choose your marketing mix

6 Monitor and evaluate your results

7 Here’s what else to consider

Research

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What are the most effective research strategies when marketing a new invention?

1

2

3

4

5

6

7

1 Know your audience

2 Analyze your competitors

3 Validate your assumptions

4 Refine your value proposition

5 Choose your marketing mix

6 Monitor and evaluate your results

7 Here’s what else to consider

Research

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