INSIGHTS

How to conduct effective VOC research

Posted by Jim Sener on December 17, 2018 at 7:00 AM

Gathering new customers is an expensive process and can cost companies up to 25 times more than it costs them to retain existing customers. With the key objective being customer retention, voice of the customer (VOC) research is a proven method for capturing customer data at every key point in the unique buying journey, and then using it to secure customer loyalty by constructing a better overall experience. Among other things, VOC research can help companies tailor and tweak their products and services, identify customer pain points and areas of friction in their buying journey, and minimize risk during new product development by accurately evaluating the viability of new products or ideas.

The ultimate goal of VOC research is to compile a detailed list of the needs and wants of the target customer.  Gathering it requires both qualitative and quantitative measures. The key questions at hand go beyond simply asking customers what they want, but gathering real-time customer experiences and assessing needs and wants from there.  While there are many pitfalls and areas of misunderstanding around what VOC research is and how best to gather it, several key objectives and methods can help provide a solid blueprint.

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Why the FDA's 510(k) Update Could Modernize Medical Device Product Development

Posted by Jim Sener on December 6, 2018 at 7:02 AM

510(k) is the FDA’s clearance pathway for introducing new low to moderate risk medical devices to market. On November 26th, the FDA proposed sweeping updates to this process.  So, what are these changes and why is this good news for new product developers?

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5 tips to get executives on board with your product idea

Posted by Jim Sener on December 5, 2018 at 7:00 AM

In the age of crowdfunding platforms and mainstream venture capital (popularized by television shows like Shark Tank), innovative thinkers have more opportunity than ever before to receive support for their ideas.

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Why IoT is everywhere, even in your garage

Posted by Jim Sener on November 21, 2018 at 7:00 AM

The IoT, or Internet of Things, is everywhere in your home - including your car garage. IoT connectivity is the ability of any product or device to connect to the Internet and/or another device. This technology is shaping the frontier of new product development and continues to revolutionize the way companies interact with their customers.  While speculations vary, the market for smart home automation could be worth as much as $130 billion USD by 2025.

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4 Things You Need to Know About Launching Products in the Sporting Goods Industry

Posted by Jim Sener on November 7, 2018 at 7:00 AM

Commanding an estimated $90 billion of yearly sales in the US alone, the sporting goods industry holds no shortage of growth opportunities. At the same time, product developers can expect significant challenges as the market becomes increasingly saturated while also evolving at an astonishing pace.  Products that support a healthy, active lifestyle are in high demand, but in a competitive environment, it’s no longer enough to promote products based only on their excellence. Great products need great strategy that adequately integrates both the unique challenges and opportunities of the digital age.  Innovative approaches to social engagement, brand awareness, customer loyalty, and brand experience form key touchstones of this approach.

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Collaborative Innovation: The Thule Helium Platform

Posted by Jim Sener on October 24, 2018 at 7:01 AM

In today’s complex and increasingly competitive business environment, companies are turning to collaborative partnerships to keep up with new product demand and acquire assets that can’t always be generated in-house.  

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5 Ways Fortune 500 Companies are Using Crowdfunding

Posted by Jim Sener on October 11, 2018 at 4:19 PM

The past decade has seen a meteoric rise in the popularity of online fundraising with the development of platforms including Indiegogo (2008), Kickstarter (2009), GoFundMe (2010), and YouCaring (2011). Various crowdfunding platforms across the globe have raised billions of dollars and helped launch ventures of all kinds, from music and art projects to devices that leverage IoT connectivity to collect and share environmental data.

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How to Get Venture Capitalists to Fund Your Product Idea

Posted by Jim Sener on September 24, 2018 at 7:41 AM

Gaining funding from a venture capitalist is something many product developers and start-ups attempt all the time, and often fail.  What are venture capitalists looking for? How can you impress them enough to secure funding? The answers are fairly straightforward - but that doesn’t mean it’s going to be easy.  Investors are looking for established ideas that necessitate a great deal of preliminary work. If you’re considering approaching a venture capitalist with your idea, here’s what you need to do first.  

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How IoT Connectivity Creates Customer Loyalty

Posted by Jim Sener on September 13, 2018 at 6:57 AM

The IoT, or Internet of Things, provides incredible opportunity for companies to connect with their customers and build customer loyalty. With market predictions indicating increasing shifts toward artificial intelligence and the development of devices that can use data from customer experiences as a prescient marketing tool, achieving IoT connectivity is of paramount concern for companies looking to expand their market and drive growth.

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[Young Inventors] Brainstorming Concepts

Posted by Dave Mathieu on August 17, 2018 at 11:40 AM

In case you need a refresher, get caught up on our Young Inventors series here.

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Topics: Young Inventors

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