Market Research Feasibility Study Why Do Them?
There are umpteen reasons to commission a feasibility study when examining the viability of starting up a new business or launching a new product onto market.
We practice what we preach and carried out our own feasibility study on a planned launch into the UK marketplace. The time and expense spent on the research has proven invaluable in defining our route to market and also re-defining our unique selling points (USP).
If you set clear goals in advance and define what you are hoping to achieve from the feasibility study then you will reap more productive results. If you are investing thousands of Euro on a new venture it is a good idea to research whether a market exists for your new venture, is their entrenched well established competitors, are there hidden unforeseen costly barriers to entry and it is always worth investigating whether the chosen market has enough potential to return your initial investment and future growth possibilities.
Your feasibility study can be very straight forward and easy to implement. We were recently commissioned to establish the viability of a new ‘lifestyle Garden Centre’ in a specific location. We interviewed 300 people within 20 miles of the proposed site. We helped design the questionnaire with our client and the main aim was to establish was there a market and out of a possible 12 service categories which were the most popular. Our client used this research as part of his ‘Business Plan’ when approaching the banks and government grant agencies.
If you have an idea that you think is worth developing, please do your research first either in-house or independently by a professional market research company. It may cost more to outsource it but there are numerous advantages namely:
- it will be delivered on time,
- they will have trained,
- and experience researchers that are familiar with the concept
- you will get an independently audited report.
If you are interested in finding out more please contact us.
This entry was posted on Tuesday, February 19th, 2013 at 7:58 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.