After we discuss a client’s idea we always conduct market research to find out its current state and potential for the client’s idea to be successful. Through this process we are able to judge if the idea can survive in the current environment while taking into account mainly the strength of the competition, existence of substitute products and interest of potential future customers.
What does market research consist of?
This controlled process consists of market size identification, demand analysis, competitor strength and intensity and the customer's needs, habits and purchase behaviors.
Market segmentation involves the division of customers into homogeneous groups according to shared characteristics such as consumer behavior and requirements. Further segmentation is done by geographical, demographic and psychological factors. It is of key importance to pinpoint prospective segments where attention should be focused.
In case of interest, we are able to provide a document with outcomes of the market research for the customer to be utilized to further set up their business processes.