{"id":63821,"date":"2018-10-02T13:00:07","date_gmt":"2018-10-02T20:00:07","guid":{"rendered":"https:\/\/www.questionpro.com\/blog\/?p=63821"},"modified":"2023-08-03T06:56:41","modified_gmt":"2023-08-03T06:56:41","slug":"one-brand-who-used-market-research-to-crush-the-competition","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/one-brand-who-used-market-research-to-crush-the-competition\/","title":{"rendered":"One Brand That Used Market Research to Crush the Competition"},"content":{"rendered":"

I\u2019m going to let you in on a deep, dark secret: there are still companies who do not conduct market research. They actually launch new products without having the research to back up their assumptions. Now, don\u2019t ask me to try to explain their rationale, as it it far too crazy for me to comprehend, but I can say with confidence that I\u2019m fairly certain these companies aren\u2019t growing by leaps and bounds. Now for a company who <\/span>does<\/span><\/i> use market research. <\/span><\/p>\n

Nest was co-founded by former Apple employees, Tony Fadell and Matt Rogers. The first Nest product was a home thermostat, which they chose after conducting market research. Upon doing research, Fadell <\/span>said<\/span><\/a>, <\/span><\/p>\n

\u201c<\/span>Wait a second. There\u2019s a quarter of a million thermostats in the U.S. alone? Well, if there\u2019s that, what\u2019s the replacement rate?\u201d And I looked and it was over 10 million a year for just residential and light commercial thermostats. I was like, \u201cWait a second. 10 million? That\u2019s more than game machines! That\u2019s more than washers, dryers, stoves, and ovens. That\u2019s a big market.<\/span><\/i>\u201d<\/span><\/p><\/blockquote>\n

Select your respondents<\/strong><\/a><\/p>\n

Secondly, he found that 70% of thermostats were sold through wholesale, and weren\u2019t being designed for people to use. They were being designed for installers to install and sell. It had nothing to do with the consumer\u2019s needs. Had he not conducted market research, he may have launched a product that didn\u2019t fill a void in the market. <\/span><\/p>\n

From thermostats on, Nest has become a company that reinvents home products with the consumer\u2019s needs in mind. To gain insight into the consumer\u2019s mind, the company uses surveys to conduct market research. Their surveys include questions about how their current products function, and what they would like changed in order to improve the product. By giving consumers the opportunity to give their feedback, Nest can tailor their products to the consumer\u2019s needs and wants. For example, one question they have asked their customers is \u201chow high is your ceiling?\u201d, in order to get an average by which they could use for their future products. <\/span><\/p>\n

One month after Nest\u2019s thermostat release, it was sold out in their online store. Three years later, in 2014, Google bought the company for $3.2 billion. Before Nest, I think most homeowners would be hard pressed to tell you the name of the company that manufactured their thermostats. Now, the brand is a household name synonymous with smart home and AI. All due to a little market research.<\/span><\/p>\n

LEARN ABOUT:\u00a0<\/strong>Market research industry<\/a><\/em><\/p>\n

Synonymous to the above example, there are multiple successful enterprises who understand the importance of market research. Conducting market research using powerful market research survey software<\/a>\u00a0which provides features such as a unique sample of respondents from across the globe, robust analytics, ready-made survey templates, etc has enabled them to make strategic business decisions, which in turn helped them to grow by leaps and bounds.<\/p>\n

QuestionPro Audience provides our clients with access to more than 5 million active consumer respondents, who are pre-screened and qualified candidates for high-quality data collection. Our Consumer Panel is carefully recruited to target all type of users, but also taking into consideration certain key industry trends, such as online store preference, physical store preference, actual systems, reasons to purchase, etc. With industry knowledge, innovative tools, and purchasing power, QuestionPro Audience always meets the rigorous demands of our clients. By implementing various recruitment methodologies, we make sure to provide the right kinds of respondents for your research.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m going to let you in on a deep, dark secret: there are still companies who do not conduct market […]<\/p>\n","protected":false},"author":102,"featured_media":63825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[206],"tags":[],"yoast_head":"\nOne Brand That Used Market Research to Crush the Competition | QuestionPro<\/title>\n<meta name=\"description\" content=\"Do you think market research is not an important investment? 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