How to Research the Industry
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Presented by |
Presentation Outline
- History of Presenter
- Okie Grip Barbell collars - U.S. 4,639,979
- Marine Power Steering - U.S. Patent 5,376,029
- Virtual Pets
- Virtual Propeller Guard - Propeller Guard Information Center
- Avian Influenza / Bird Flu in Pets - Pet Bird Flu Information Center
- Polson Enterprises
- Body Armor for IED Information Research Center
- BoatCarbonFootprint.com
- Invention Information Center
- Strength Tech
- Weight Lifting photo see our collars on end of bar
- Disclaimer - as an Inventor you will receive or encounter lots of advice from lots of sources. YOU have to decide what works best for you and your situation.
- Computer literacy - to be a successful inventor today you have to be computer literate and keep up with the latest features of the Internet.
- Online vs. At the Library
More and more market research tools are now available online, BUT you still need to go to a major public library now and then, like Oklahoma State University Library. In addition to hundreds of great market research books, they house large collections of trade journals and other periodicals, plus most allow access to databases not otherwise available, at least not for free. Plus, don't forget the OSU Patent & Trademark Depository Library.
- How to record what you find - We use a spiral binder, keyword, HTML Links, AAA, and #1 technique.
- Write the project name on the cover of the binder with a large magic marker so you do not loose it.
- Write your name address and phone number on the inside front cover requesting anybody finding it to please return it to you.
- Write down the date and start recording your findings, listing major results
- We write keywords as we encounter them on the last couple pages of the binder so the are all together
- Before making a special trip (such as to the OSU library), start a special page for the trip and list items specific references you will be searching for on that trip.
- We use a circled #1 to indicate points we need to remember to do further research on.
- When we find a website of particular interest, we copy the URL and paste it into a text document for later development into a list of HTML Links we call a Technology Support Portal.
- Printed materials are stored in a series of file folders by topic
- Create a computer file folder for saving downloaded files.
- Draw a line across the spiral binder page each time a new day begins and write down the new date.
- From time to time go back through and mark out the #1's you have completed and move the rest of them forward to a new beginning spot so you dont have to keep going all the way back to the front to see if you still have some of them to complete.
- Always try to put yourself in the other guy's shoes.
What would users want to know about your product?
- How well will it perform relative to existing alternatives?
- Does it have some features/functions not currently available that would be valuable to me?
- Cost?
- Reliability?
- Appearance, is it cool? Does it fit my lifestyle?
Manufacturers and potential licensees will want to know those things as well (they cant sell it unless the consumer wants it), PLUS they want to know how much money it will make them:
- Projected annual sales - REALISTIC projections
- How much will it cost to produce, distribute, sell and service the product
- Will new capital equipment or facilities be needed
- Will employees need special training to manufacturer / assemble it
- How well does it fit with our existing sales, service and distribution system (and our existing customers)
- Will it cannibalize our existing products?
- How far along is it in the design process?
- How strong is the intellectual property protection?
Always look at it from their perspective. Do the research to prove it will make them money. When your research identifies potential problems (such as pending emission regulations, possible failure due to overloading, safety issues, etc) do still more research to find solutions to those problems, and incorporate those solutions in your design.
- What Do You Want to Know About an Industry?
- The Keywords - words that can be used to search for the specific areas of the industry you are interested in
- Marketing New Marine Drive Concepts Similar to Outboards and Stern Drives: a Difficult Path for Independent Inventors and Small Companies - Identify similar players in your industry, their relationships to one another, their openness to licensing, and the potential competitive threat they pose.
- Recreational Marine Drive Commercialization Path Chart - your industry has those same potential paths. Each path requires industry research.
- General scale and trends of the market for products extremely close to yours, not general statistics for apparel sold in Mexico ten years ago.
- The inner workings of the industry so you can sell your product there.
- Market Share - often difficult to find
- The type of competition: Monopoly (one very dominant player), Oligopoly (a few very large players), Pure Competition (many firms fighting for market share).
- Who potential licensees might be and how best to approach them, including names and personal concerns of key employees
- You also need to know about industries and companies you will be doing business with (component part manufacturers and service providers).
- Basically, you are looking for the in information provided by the 19 steps of our How to Learn About an Industry or a Specific Company site.
- OSU Databases - You must be at the OSU library to have access (or be a student/staff). If one of them does not jump out at your, start with Factavia, Proquest, Science Citation Index, World Cat, STAT-USA, Statistical - LexisNexis (formerly Statistical Universe).
- Online Surveys - construct a web site or Blog to draw potential customers or those interested in the field you want to ask questions in, then poll them.
- What is the average life of a propeller? Aluminum Outboard Propellers
- What brand propeller will I most likely purchase next? 49-149 HP Outboards
- Survey providers we have used:
- Sparklit their Web Poll has several features for free, more capability for a
fee. Our Tamagotchi Connection Poll
is an example.
- Survey Gold - buy the software, run it yourself, allows compound questions.
Our Marine Accessories Survey is an example. We took the output to a spreadsheet, analyzed it and charted it there.
- Top Ten List? Where are the best, easiest, most productive places to start my research?
- U.S. Statistical Abstract of the United States - bound copy available at OSU Library and at most public libraries
- Industry Portals see if your industry has a Portal.
- Trade Journals & Associations
- Case Studies
- Free "off the shelf" industry studies - mostly for industries dominated by small businesses
- Google Trends great quick history for major company news and their web presence history
- Google Scholar searches academic publications, technical journals, etc
- Get in the Circle - participate in online discussions, establish a web site or a Blog, attend conferences & trade shows, become a real part of the industry
- OSU Databases (see above) - especially Factavia
- USPTO and Google Patent Search identify companies
with patents in your area of interest. Make an appointment a the OSU
Patent & Trademark Depository Library and they will teach you how to use the Patent Database.
- ZapData free industry reports after you establish a login.
- D&B Small Business Solutions once you have put a lot of effort into it,
this fee based service can sometimes take it to the next level, especially in terms of financial data on specific companies.
- Invention Commercialization Process (our site) - it can guide you to
additional resources and asks questions you might not think of.
- What to do with what you find
- Use the information you find as a competitive advantage to help your invention succeed in the marketplace.
- Identify what you do not have (information you still need to find) and develop a plan to find it.
- Create a "Technology Support Portal" for your own use. Create it yourself and just keep it resident on your computer for your personal use. Or post it online for others to use and get involved in the business/industry (Get in the Circle).
- Market and Industry Research are ongoing processes. Get started now and keep building the
research you need to make your invention successful.
- Please stop by our Invention Information
Center for other helpful tools and information to assist in the development of your
invention.
- Okie Grip Barbell collars - U.S. 4,639,979
- Marine Power Steering - U.S. Patent 5,376,029
- Virtual Pets
- Virtual Propeller Guard - Propeller Guard Information Center
- Avian Influenza / Bird Flu in Pets - Pet Bird Flu Information Center
- Polson Enterprises
- Body Armor for IED Information Research Center
- BoatCarbonFootprint.com
- Invention Information Center
- Strength Tech
- Weight Lifting photo see our collars on end of bar
More and more market research tools are now available online, BUT you still need to go to a major public library now and then, like Oklahoma State University Library. In addition to hundreds of great market research books, they house large collections of trade journals and other periodicals, plus most allow access to databases not otherwise available, at least not for free. Plus, don't forget the OSU Patent & Trademark Depository Library.
- Write the project name on the cover of the binder with a large magic marker so you do not loose it.
- Write your name address and phone number on the inside front cover requesting anybody finding it to please return it to you.
- Write down the date and start recording your findings, listing major results
- We write keywords as we encounter them on the last couple pages of the binder so the are all together
- Before making a special trip (such as to the OSU library), start a special page for the trip and list items specific references you will be searching for on that trip.
- We use a circled #1 to indicate points we need to remember to do further research on.
- When we find a website of particular interest, we copy the URL and paste it into a text document for later development into a list of HTML Links we call a Technology Support Portal.
- Printed materials are stored in a series of file folders by topic
- Create a computer file folder for saving downloaded files.
- Draw a line across the spiral binder page each time a new day begins and write down the new date.
- From time to time go back through and mark out the #1's you have completed and move the rest of them forward to a new beginning spot so you dont have to keep going all the way back to the front to see if you still have some of them to complete.
What would users want to know about your product?
- How well will it perform relative to existing alternatives?
- Does it have some features/functions not currently available that would be valuable to me?
- Cost?
- Reliability?
- Appearance, is it cool? Does it fit my lifestyle?
Manufacturers and potential licensees will want to know those things as well (they cant sell it unless the consumer wants it), PLUS they want to know how much money it will make them:
- Projected annual sales - REALISTIC projections
- How much will it cost to produce, distribute, sell and service the product
- Will new capital equipment or facilities be needed
- Will employees need special training to manufacturer / assemble it
- How well does it fit with our existing sales, service and distribution system (and our existing customers)
- Will it cannibalize our existing products?
- How far along is it in the design process?
- How strong is the intellectual property protection?
Always look at it from their perspective. Do the research to prove it will make them money. When your research identifies potential problems (such as pending emission regulations, possible failure due to overloading, safety issues, etc) do still more research to find solutions to those problems, and incorporate those solutions in your design.
- The Keywords - words that can be used to search for the specific areas of the industry you are interested in
- Marketing New Marine Drive Concepts Similar to Outboards and Stern Drives: a Difficult Path for Independent Inventors and Small Companies - Identify similar players in your industry, their relationships to one another, their openness to licensing, and the potential competitive threat they pose.
- Recreational Marine Drive Commercialization Path Chart - your industry has those same potential paths. Each path requires industry research.
- General scale and trends of the market for products extremely close to yours, not general statistics for apparel sold in Mexico ten years ago.
- The inner workings of the industry so you can sell your product there.
- Market Share - often difficult to find
- The type of competition: Monopoly (one very dominant player), Oligopoly (a few very large players), Pure Competition (many firms fighting for market share).
- Who potential licensees might be and how best to approach them, including names and personal concerns of key employees
- You also need to know about industries and companies you will be doing business with (component part manufacturers and service providers).
- Basically, you are looking for the in information provided by the 19 steps of our How to Learn About an Industry or a Specific Company site.
- What is the average life of a propeller? Aluminum Outboard Propellers
- What brand propeller will I most likely purchase next? 49-149 HP Outboards
- Survey providers we have used:
- Sparklit their Web Poll has several features for free, more capability for a
fee. Our Tamagotchi Connection Poll
is an example.
- Survey Gold - buy the software, run it yourself, allows compound questions.
Our Marine Accessories Survey is an example. We took the output to a spreadsheet, analyzed it and charted it there.
- Sparklit their Web Poll has several features for free, more capability for a
fee. Our Tamagotchi Connection Poll
is an example.
- U.S. Statistical Abstract of the United States - bound copy available at OSU Library and at most public libraries
- Industry Portals see if your industry has a Portal.
- Trade Journals & Associations
- Case Studies
- Free "off the shelf" industry studies - mostly for industries dominated by small businesses
- Google Trends great quick history for major company news and their web presence history
- Google Scholar searches academic publications, technical journals, etc
- Get in the Circle - participate in online discussions, establish a web site or a Blog, attend conferences & trade shows, become a real part of the industry
- OSU Databases (see above) - especially Factavia
- USPTO and Google Patent Search identify companies
with patents in your area of interest. Make an appointment a the OSU
Patent & Trademark Depository Library and they will teach you how to use the Patent Database.
- ZapData free industry reports after you establish a login.
- D&B Small Business Solutions once you have put a lot of effort into it,
this fee based service can sometimes take it to the next level, especially in terms of financial data on specific companies.
- Invention Commercialization Process (our site) - it can guide you to
additional resources and asks questions you might not think of.
- Use the information you find as a competitive advantage to help your invention succeed in the marketplace.
- Identify what you do not have (information you still need to find) and develop a plan to find it.
- Create a "Technology Support Portal" for your own use. Create it yourself and just keep it resident on your computer for your personal use. Or post it online for others to use and get involved in the business/industry (Get in the Circle).
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