Stage 1: Validating your idea
You think it’s great, and so do your mum and your best friend. Would you buy a significant share in a newly listed company on that basis? Perhaps you would, if your mum’s a financial advisor and your best friend’s a professional equity trader. Otherwise, acting on inadequate information often results in costly disappointment.
Thorough market research empowers you to make critical business decisions based on solid evidence, rather than guesses and assumptions. To decide if your idea for a new product or service merits significant investment in its development, and to achieve the earliest and best returns, you’ll need comprehensive answers to these questions:
- Why will people want to use your innovation? How is it better than the way they do things now?
- How much will people pay for your new product or service?
- 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. 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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