“Evaluating the potential of a market, the status of the offering and the demand for a given product” is the general definition of market research. Out in the field, more subtle realities coexist. UMI sheds light on the methods used and purposes for carrying out market research. Definition of market research In common parlance, market …
Each day, consulting firms (whether or not they specialize in innovation consulting) seek solutions to improve the customer experience of owners of innovation projects. This is far from an easy task, because innovators’ needs and expectations are constantly changing. Let’s take the specific example of market research studies for innovative products. To ensure that their studies …
According to the latest growth studies, the innovation consulting sector is doing well, with a number of specialist consulting firms being launched, whereas the majority of generalist consulting firms are choosing to increase their focus on innovation projects. Successful innovation has become imperative for businesses in all sectors, which promises a bright future to these specialized …
Innovation is probably key for any company wanting to make their mark in their industry. Many have created teams, events, and initiatives to stimulate innovation in their company. But innovation can’t simply be summed up in a single declaration. Innovation for innovation’s sake alone serves no purpose.
Sometimes life turns up some amazing surprises. Not only has your innovation got potential in the market, but there are also additional applications to which your project could be applied. Whilst these sectors weren’t originally planned for at the start of the project, they certainly deserve some attention. Let’s see.
You are aware that a market research sheds light on which of your innovations are relevant and which may need to be forgone. It can also be a tool for validating the commercial potential of your innovation, finding strategic partners and even acquiring more commercial leads. But what else can your research report tell you? The answers may surprise you.
Faced with traditional market research studies with their reputation for being costly and time-consuming, automated market research studies are gaining popularity amongst innovative companies that need fast, reliable responses at an affordable price. But how does automating market research reduce costs?
If you want companies and investors to be interested in your innovation, you need to convince them that your project offers a lucrative market opportunity with little risk. How do you accomplish this? By simply measuring the market potential of your innovations. But to do this, you need to know the right questions to ask before you launch.
Does the product respond to an existing need, will customers be willing to pay the asking price? Is the product likely to be well received by distributors? In short, does your innovation have a real potential? So many questions that make it interesting to analyze your environment, to study the possibilities and to define if your innovation is worth it. Well, where to start?
Whilst it may be true that is becoming easier to carry out “bad” market research, it is also a fact that the democratization of access to powerful tools opens new avenues. The field of market research has disruptive innovations, just like any other field. These are opportunities for all concerned to move closer to greater efficiency and relevance at lower cost.
As a startup, whatever your business model, your sphere of activity, there are certain tough challenges that you have to overcome especially with the growing industry of new technology, full of exciting changes for startups.
How to become competitive but first of all how to thrive once your business is going? Let’s see!