Technology Brand Launch with Secondary Research & Survey Segmentation

An award-winning optical technology company was planning its launch for its smart device in the United States, as well as across the globe. The company approached Provoke Insights to help understand the market potential within the United States, as well as understand which countries to enter in the future. 

The optical technology company was launching its first consumer product. The company had mastered the technology and user experience of the product, but found it essential to understand the sales potential and who is the target audience for the invention. The product combines the best features of smartphones, binoculars, and digital cameras, creating an entirely new market segment. It needed proof of the product potential for investors and an actionable market strategy for the company. The company was also looking to better understand its target audience in the US and Canada and to identify other markets worldwide. The technology company on-boarded Provoke Insights to facilitate this process.

Provoke Insights proposed a two-phase research process:

Utilizing the 50+ databases Provoke Insights has access to, the first stage was an extensive secondary research  report which consisted of the following:

• Potential profiles of different global audiences;

• Sizing of ideal markets;

• Understanding the global market opportunity among hunters, hikers, campers, fishermen, and general outdoor enthusiasts as well as gear & gadget fans;

• Global trends and opportunities in the market;

• Specific countries where this type of product would most likely resonate.

In the second phase, Provoke Insights conducted a segmentation study. This research determined market potential, the different types of consumers who would purchase the product, as well as how their buying habits and interests differ. A factor analysis followed by a cluster analysis was then performed to refine the company’s key targets.

The research provided a clear understanding of their target audience, as well as their reach in the United States. Using this research, the optical technology company was also able to determine which global markets were optimal to launch in next. 

As a new company, this is vital for the brand’s global expansion. The research also revealed which outdoor activities were important to focus on, and the demographics of who their key targets were. The research also provided the validation that the company needed for the investors to understand that the product had large market potential. Subsequently, the product was awarded the Top Tech at CES in 2019 for photography.