Market Research

MARKET RESEARCH SERVICES

EnerTech Services can help you develop your products and services. Our staff has over 100 years of experience in the developmental process for new products and services. We will either conduct market research for you or work with you directly to develop your products and services into profit centers. We offer the following guidelines as a basis for product development.

New Product Development
In evaluating a new product or service the following set of guidelines should be used to direct the research. Products sought, should exhibit the four following characteristics.

1. The product should be in some way allied to your industry to capitalize on your existing knowledge base.
2. In order to charge for these offerings, the product or service should have added usefulness or value in the eyes of the customer.
3. There should be a synergistic benefit that your current position makes use of (i.e. mass billing capability, recognized experts in electrical matters, or your good name).
4. If you do not have expertise or capability in-house then ally with someone who has.

These guidelines set the stage for a successful venture but they do not insure it. Regulatory and legal issues need to be examined thoroughly. Fair trade laws, banking regulations, insurance regulations, product safety and liability issues, trademark and copyright laws, and tax implications may bring new and different requirements to a utility offering non-traditional products and services.

Product Research
Basic product research is needed to examine the technology (mature or needs support), the industry (size, growth potential), and the benefits to your utility (increase sales, better service/PR or an entirely new idea).

Product Research
A. Technology (mature or needs support)
B. Industry (size, growth potential)
C. Benefits to Utility (increase sales, better service/PR or an entirely new idea)

Market Research (local not national)
Market research is used to examine consumer demand and determine the role of consumer education and advertising.

A. Determine consumer demand locally for the specific product(s) being considered.
1. Survey customers directly
2. Get detailed market information from manufacturers
3. Review industry studies for market growth potential.
4. Determine sales potential in your Territory.

B. Determine role of consumer education (Determine consumer product knowledge)
1. Survey also determines product knowledge.
2. Inventory internal and external educational materials available.
3. Get potential suppliers product literature.
4. Outline advertising and educational campaign.

C. Determine current delivery systems (Could you buy into something)
1. Inventory local dealers of like products.
2. Inventory all manufactures of proposed product line.
3. Select manufactures and products based on price, delivery, warranty etc.

D. Assess competition (Seek trade ally status, not we're taking over)
1. Review other utility programs to learn of potential problems.

E. Determine profit potential
1. Assemble costs and sales projections for analysis.
2. Do a financial analysis to determine profit potential.
3. Conduct risk analysis.