Market Research: “I have a great idea!”

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Market Research: “I have a great idea!”

You have the perfect solution! It is something the world needs and they need it now! At TechFire, we love the enthusiasm of our entrepreneurs. There’s nothing quite like being surrounded by creative people intent on solving some of life’s most vexing challenges.

However, one of the biggest considerations for entrepreneurs and inventors is deciding whether their great idea has mass appeal just as they designed it.  The comment “But it’s such a great idea!” should not be the sole source of objective data on whether a customer base can be established around the invention.

Sometimes all that’s needed is the right way to communicate “the why” of the invention for a market, customer or in the face of other competition. Yet sometimes, what the product or service needs to become truly commercially viable is something more labor or cost intensive.

When conducting market research it is important to set emotion aside and use data to make some decisions. Sounds easy, right? At TechFire we understand just how difficult this step really is.  After all, it was your initial passion and emotion that drove the solution you’ve developed. You need advice and guidance from people who have your best interests at heart, whose success is dependent on your success.

In the words of authors Steve Blank and Bob Dorf, “Relentless execution without knowing what to execute is a crime.”  How certain are you that you’re working on the right thing, for the right audience and explaining it in a way in which that audience wants your product over another?

What you seek is market research and quality research at that.   Market research will help you understand your potential customers: who they are, what they need, and whether or not you need to modify your product or service for their requirements.  In the next several blogs, we’ll provide you with some resources for conducting research and some tips for doing it efficiently.

 

By: Keith Gordon and Kim Mozingo


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