Stage 1: Validating your idea
You think it’s great, and so does your mum and your best friend. Would you buy a car on that basis? Perhaps you would, if you’re a car trader, your mum’s a mechanic and your best friend works in auto insurance. Otherwise, acting on inadequate information often results in costly disappointment.
Cutting corners on market research means basing critical business decisions on educated guesses and assumptions, at best. To decide if your idea for a new product or service merits significant investment in its development, you’ll need comprehensive answers to these questions:
- What problem does your innovation solve and whose problem is it?
- What other solutions exist, why would anyone buy your solution instead, and how much will they pay?
- If there are multiple potential markets, are any of them more valuable or easier to reach?
- Are there any market regulations or compatibility issues to consider?
Potential partners and investors will want answers to these questions too.
We recommend starting your market research as early as possible, before you invest too many resources in development. And remember that your information needs regular updating – particularly in fast-moving industries.
Contact gemaker to discuss your market research needs and receive a quote.
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