Find out how you can use a market feasibility study before you start a new business venture or release a new product/service.
Does your enterprise want to start a new type of business? Do you want to tap into the business potential of a new area? Or maybe, you simply wish to expand your current business. If this is your current scenario, a market feasibility study can help. In-depth understanding of the market that you wish to enter and a detailed analysis of the demands in the area is what a market research feasibility can offer you. In fact, there is no other market research report that can offer you with a more detailed analysis and in-depth study.
Here is what a market feasibility study includes:
- Detailed interviews with stakeholders – The market feasibility study begins with an in-depth interview with the stakeholders. This is a perfect starting point. The market research team will be able to familiarize themselves with the projects and its objectives by using an open-discussion format. This first step is beneficial to both the parties. A stakeholder can be a key personnel in the enterprise or outside the company. It could also be a person involved in the local economy or any other key person who plays an in important role in the enterprise’s business plan and who can provide the market research team with valuable feedback.
- Meticulous demographic assessment and trend analysis – Demographics assessments are used to conduct secondary research, analyse the market and perform demand modelling and estimates. Information like consumer expenditures, population trends, education, age and other such relevant demographic statistics are collated about the market that you wish to enter into. A detailed trend analysis is then conducted to search for current industry trends. Important ancillary data is made a note of. Both these processes can be conducted seamlessly over the internet with the use of search engines.
- In-depth quantitative survey – A quantitative survey is used to collect primary data from among the end-users. The questions that are asked are focussed on the current usage, the predicted usage and a clear understanding of the impact of the new business idea on the market. This is a very important step in a market feasibility study, as the questions asked during the quantitative surveys serves as a foundation for the future demand model and estimate.
- Careful assessment of competitors – A competitive assessment is created to analyse the enterprise’s competitors in the proposed market area. Detailed profiles of each competitor is created by the research team. Mystery shopping calls will be made. Personal visits will also be conducted to collect non-publically available information, which at times, will not be available online. By performing an in-depth analysis on competitors, it will help the client spot service/product gaps, in which they can successfully market themselves in.
- Demand model with estimates and recommendations – The final step in a market feasibility study is to compile the first four components and use the findings from each step to develop a demand model. This model will be used to predict the likelihood and habits of end-customers for the new business service/product that you wish to market. Predictive modelling will be used to offer you a figure based on a combination of known factors and assumptions. Based on the estimate, you can either decide to go ahead or end ties with the proposed business venture.
Do you want to conduct a market research feasibility study for your new business venture, product offering or an expansion of your current enterprise? It is a proven fact that a market research feasibility study will reduce the risk of mistakes and offer you with clear data on which to base your decisions. Find out more about the market feasibility study services offered at Outsource2india.
Did you find the above information useful? Would you like to share your valuable experiences with outsourcing market research services? Please leave your feedback in the comments box below. We, at Outsource2india love to hear from you!
Interested to know more?
- How to Conduct Successful Market Research?
- Microsoft Excel Vs SPSS Statistics Software: Which Should You Use for Market Research?
Latest posts by vinita (see all)
- 5 Reasons to Outsource Mortgage Underwriting Services - June 26, 2020
- 5 Ways Data Science Can Power Up Your Business - June 19, 2020
- 7 Key Benefits of Using OCR Services for Your Business - June 12, 2020