The Role of Creativity in Translating Market Research Data Into New Product Ideas
Market research data is used in everything from making television commercials to setting up a new business. Demographics play a key role in marketing research data and are instrumental in determining how and where a product should be marketed. At the same time, market data is based on concrete numbers, which can be useful when developing new products but may not be enough to create a successful product. When creativity is mixed with marketing data, however, both subjective and objective targets may be reached.
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Purpose
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When a new product is being considered, marketing data can be useful in determining the core audience that's likely to have interest in the product. For example, if a new product called a "Brinkle" is under consideration for development, marketing research data could be useful in determining how an advertising campaign might be set up. If a Brinkle is used at the beach, marketing research data would provide those areas that have beaches where customers might be more likely to purchase a Brinkle. However, marketing research data alone isn't sufficient, in most cases, in creating a new product.
Brainstorming
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Brainstorming is vital to taking dry market research data and creating something new and exciting. Brainstorming is an open-ended free-thinking creativity session that can be accomplished either alone or in a group. The key to successfully creating while brainstorming is to allow all ideas to flow freely. When marketing research data is examined, taking some of the key elements of the data and then just throwing ideas into the mix may result in coming up with a new product idea.
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Significance
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To develop a new product from market research data, creativity must be factored into the equation. It's not enough to know that the people in Geographical Area 25 have the largest disposal income; that alone won't drive a new product idea. However, if the people in Geographical Area 25 spend most of their disposable income on their pets, a direction can be established as to where a new product might succeed. Going by market research data, a new pet product might be possible.
Applications
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One area where creativity is combining with market research data is in the field of mobile apps, which are able to be used on smartphones. Businesses are looking at the marketing research data for a specific area and finding new ways to monetize them. Games on smartphones are a good example. Knowing that games are popular isn't enough to create a new product. Instead, market research data suggests looking at current games that are popular and then brainstorming similar ideas into creating a new product.
Prototypes
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While creativity and marketing research data might suggest a new product idea, the idea must be tested to discover if it's viable. One way to do this is through creating a prototype. During the early stages of a prototype, it's not necessary to create a working model of the device. Rather, the prototype should simply be an example of what the final product is going to be. During the prototype creation stage, any problems that might arise in the production of the product are also be made visible.
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References
- Greenbook: Bridging the Gap Between Data and Creativity Through Market Research
- Advertising Age: You Are What You Watch, Marketing Data Suggest
- Small Business Association: Market and Price
- Entrepreneur: Creating a Product Prototype
- Business News Daily: Road Map to an App: Here's How to Create Mobile Applications
- Photo Credit Jupiterimages/Comstock/Getty Images
