MARKET RESEARCH STUDY
WHAT IS A MARKET RESEARCH STUDY?
A market research study evaluates the market potential of a business idea. The purpose of a market research study is to determine the size, growth rate and structure of the market opportunity. Understanding market dynamics is essential to startup success.
“If I had asked my customers what they wanted they would have said a faster horse.” Henry Ford
The challenge in new and emerging markets is the customer may not be able to articulate their needs. Therefore you need to be a skilled detective to sort through the clues. We have more than a decade of startup experience working in new and emerging markets. We also have a track record of correctly identifying emerging trends and market opportunities.
WHAT IS INCLUDED MARKET RESEARCH STUDY?
- Competitive analysis
- Stakeholder analysis
- Value chain analysis
- Option analysis
- Report/presentation and recommendations
Interested? Contact us for a free 30 minute consultation!
mARKET RESEARCH STUDY FAQ
WHY WOULD YOU CONDUCT A MARKET RESEARCH STUDY?
The study is intended to improve your understanding of the market and customers. Primary research can be used to source data from potential customers, competitors and suppliers. The primary research interview process is intended to gain first hand insights into the opportunity. Secondary research can also be helpful in uncovering information regarding a new or existing market.
WHAT ARE THE KEY QUESTIONS YOU WANT TO ANSWER IN A MARKET RESEARCH STUDY?
Who are your competitors and what are their strengths & weaknesses?
How is the business ecosystem structured?
Where are the market opportunities and risks?
What is the overall trends, size and prospects for the market?
Who is your target customer?
WHAT ARE THE KEY TOOLS USED TO CONDUCT A MARKET RESEARCH STUDY?
The combination of; competitive analysis, ecosystem mapping and value chain analysis provide an excellent framework for conducting a market opportunity analysis.
Competitive analysis is usually the best place to start. Everyone has competitors and odds are they have already done a lot of the market opportunity analysis for you. If you think you don’t have competitors you are either a genius or a fool. A genius like Einstein only comes along once in a decade, so the genius path seems less likely.
A stakeholder mapping shows how stakeholders within the business ecosystem interrelate. Stakeholders include competitors, potential collaborators and customers. When you understand stakeholder dynamics it helps you make pragmatic decisions on the best path to market.
A value chain analysis will show you the financial dynamics of a market or complex business ecosystem. Understanding the value chain is extremely important in determining where the money and margin are in an industry. Some of the best advice I ever received was “go where the money is”. If you know your industry value chain you will know where the money is.
WHAT RESULTS CAN I EXPECT?
The result of engagement is a presentation/report (your call) that includes; a short summary of competitors, partners and the business ecosystem structure. You will have a good understanding of the overall business ecosystem dynamics, value chain and potential paths to market. The presentation and report will provide an unbiased assessment to help evaluate risk and uncertainty associated with your business opportunity.