Top or Flop: Face up to Consumer reality with Online Market Potential Research
Are you in the course of founding a company or have you become an entrepreneur? Then you might have invested already lots of time in desk-researching market figures. How would you have managed to put a value in the market potential-section in your business plan?
Have you helped yourself by researching the vast number of sources in the web? For a start, this is certainly a good idea. But if you are thinking of offering a more specific or specialized service or product, more often than other you will not be able to find anything (recent). New founders also like to turn to family and friends for their opinion. But please be aware – those who love you are rarely the most objective sources.
One refreshingly neutral and also time saving solution for getting up to date, tailor made data is the execution of a professional market research survey – with methodically sound, non-influencing questions and 1’000 potential – and often disappointingly uninvolved – customers, who will judge your product or service on a neutral basis. Why – you will ask – should you spend money on the opinion of an uninvolved respondent? Because this reflects the harsh consumer reality at its best and will help you evaluate, how to limit your losses.
As new products and services potentially have a higher chance to fail than to succeed, you are well advised to invest in advance in market research to prevent a later – possibly much higher – loss. Also, when trying to put a figure to your market potential, there is only one approach: to look at the uninhibited buying intention (I would certainly buy it) of a representative customer group multiplied by 10%. Why this further limitation? Even if consumers express a paramount interest in your product, the general public needs to first be aware of its existence, the product needs to be available; it is something that is needed immediately, and so on.
Are you interested in a professional evaluation of your market potential, evaluation of need gaps or consumer usage & attitude-patterns? Please contact us for advice. We are pleased to advise you on these or other research topics.
The special Startup.ch-Web Omnibus allows you to share a „big“ market research survey with other founders and hence allows you to get a lot of research for a small budget.
Omnibus dates, target group, costs and more here.
