Market research provides you with a overview of the industry, market size, opportunity, and customers with respect to your product. It gives you information on customer preferences and needs. This will help in planning your product portfolio, diversification etc. Furthermore, it tells you insights on how customers buy and why they buy products and services
What will market research do?
- Provide you with an overview of the industry, opportunity, and customers with respect to your product.
- Information on customer preferences and needs. This will help in planning your product portfolio, diversification etc.,
- Insights on how customers buy and why they buy.
Market research essentials are:
- What is the size of the market?
- What unique need does your product/ services meet?
- How much are customers willing to pay for it?
- Is this a price sensitive/ commodity product or premium product?
- Who are the other key players?
- What is the gap un-serviced by current players?
- What is the available market for you?
- How is your product different from the competition?
Market research – Social Search
Scanning the social web and expert forums with crawlers to:
- Understand Trends and Segments
- Monitor Clients, Competition & Partners
- Identify Trigger Events, Real-Time Alerts
Target Market Sizing is necessary for business and marketing planning, and budgeting for all startups, especially when seeking third-party financing. A diligent preparation makes sure, that you go-to-market in the right niche. We are requiring a similar level of preparation when international companies want to enter the German marketplace. Germany is a highly attractive and open market, but might be different than your home market. Ignoring this fact could put your operations at risk. CBinsights analysts tell us, that poor market research is one of the key reasons for startup failure.
- Reason For Failure Nr 1. is Building a solution looking for a problem, i.e., not targeting a “market need”. This typically is a consequence of a missing process, called “target market sizing”.
- The same applies to Reason Nr.2 “Running out of cash”, often caused by an unclear understanding of the target market requirements (buying centers, buying patterns … ).
What Target Market Sizing really means
- Target market sizing quantifies the financial potential of your business in the new market
- Target market sizing allows measurement in money-terms or consumption units
- Target market sizing helps you refine Business Model Canvas hypotheses
Target Market Sizing will tell you about the
- Total Addressable Market, Entire chain of buyer/seller relationships Value of the relationships at point of consumption
- Served Addressable Market. The part of the Total Addressable Market for which your business model’s value proposition is strongest. A Value Proposition rarely applies to an entire Total Addressable Market. Sharpen your focus on a particular part of the market
- Target Market. Served Addressable Market segment with the most direct path to success.
Our Target Market Research will give you a clear understanding of the barriers to adoption in the new market. We will help you to tackle your key initiatives, save money with smarter partnering.
We are here to help
As your go-to-market advisor, I can help you get started and grow faster. We are prepared to take things forward in a simple three-step process:
- Readiness. Using a series of templates to understand your organization’s concept to support the activities. Usually, this process can be easily started in a 60 minutes conference call
- Requirements. Here we are looking at your specific target market. This is more than just desk research. We identify overall trends, local competition, key stakeholders, buying centers and buying processes. We find personas, key reasons to act and barriers to adoption.
- Matching the findings – We identify your “ideal market entry point” This could be a kind of “low hanging fruit” or a strategical vertical, innovative business model, or certain bridgehead customers