What does Clear Path Market Research do?

We help business owners, trade associations, investors and government entities obtain quantitative answers to questions related to consumer demand and customer preferences.

Ok, I think I understand, but can you give some examples?

Yes, of course.  Below are five examples of the types of questions we could help clients answer.  We can help our clients answer countless questions; these are just five examples.

  1. Are my customers happy with the variety of Stout beers we offer?  If a retailer will only accept three of our varieties, which three should we put on shelf to maximize consumer trial?
     
  2. We created a Yoga mat made out of completely organic and renewable materials.  It is more durable, yet softer than most mats currently available.  Should we focus our positioning on the “green” materials, or the end benefits of durability and softness?  What share of the market may we be able to acquire?  This product only comes in one color – will this limit our appeal?
     
  3. My VC firm is considering investing in a small start-up that makes gluten-free soft pretzels.  We want to understand how big the market is for this product, and whether consumers prefer our product over alternatives. 
     
  4. This new premium packaging I am considering will increase my costs of goods sold by 5%.  Will I be able to take a 10% increase to my retail prices without reducing demand for my product? Do my customers readily notice and appreciate this packaging improvement?
     
  5. Our state is considering legalizing cannabis for adults over 21 years of age.  We would like to know approximately how much cannabis would be consumed in our state so that we can determine how much tax revenue we can raise, as well as how many retail store licenses we should issue.  Can you help us estimate the size of the overall market in our state?

Wow, that’s amazing.  How are you able to answer all those questions?

Fundamentally, estimating demand for products and services depends on asking consumers about their preferences, practices and attitudes.  It can be as simple as “What is your favorite flavor of ice cream?”,  “How often do you drink beer?”, or “Which of these brand names fits best with the service you just read about?”

Is it really that simple? 

On the most basic level – yes, it is that simple.  Ask potential customers what they want, what they like, or which option they prefer, and they will tell you.

There must be more to demand estimation than just answering simple questions. Otherwise, anyone could do it. 

That’s true.  There is more to it than just asking simple questions of consumers, though their responses to these questions are vitally important.  The expertise comes in knowing:

  1. To whom to ask these questions

  2. Exactly what questions to ask them
  3. Providing consumers with enough information to make an informed choice
  4. Standardizing questions and response choices to enable model building
  5. Benchmarking against known quantities
  6. Cross-checking and integrating primary data with reliable secondary data sources
  7. Knowing the limits of the information you are using
  8. Being aware of the variables that you are not measuring and which may impact future demand
  9. Collaborating effectively with your clients to make sure you are both in agreement on what needs to be measured
  10. Consulting with industry experts to understand currently accepted category parameters