Market Feasibility Studies
We believe there are 5 crucial constituents of any quality market
- In-Depth Interviews with Stakeholders
Our observations through past studies has firmly established that
talking with key stakeholders is an ideal way to begin with. This
dialogue ensures that all groups buy into ownership of the process
and support the market research. Not only this, we are able make
ourselves familiar with the market research team and make them
familiar with the project and its goals in a qualitative and open-discussion
format. This is a mutually beneficial first step for both parties.
The stakeholders could be key personnel in the organization, suppliers,
distributors, or any other stakeholders who may offer credible
feedback and play a role in your business’ plans.
- Demographic Assessment and Trend Analysis
Demographic assessment is the life blood of a site selection
process. This involves secondary research and analyzing the market.
This also leads to creating pool or population that you as a client
can use for your demand modeling and estimates. Information is
collected for the market with regards to population trends, age,
consumer expenditures, education and any other relevant demographic
statistics that is likely to impact the feasibility of the project.
We emphasize on secondary research because probing existing industry
trends and ancillary data that is worth noting is always beneficial
to the overall endeavor.
- Quantitative Survey
An important or let us say integral portion of the market research
project where primary data is collected from end-users! The questions
are aimed at current and predicted usage along with understanding
the impact the new business idea will have on the market. The
questions asked in the survey serve as the foundation for the
demand model and estimates subsequently.
- Competitive Assessment
The competitors who are already into the same business as the
client need to be assessed. We undertake an extensive profiling
of each competitor through mystery shopping, calls, visits to
collect that information which is not available on the website
or any other public sources, or any other piece of information
which is vital for you as our client. Through the extensive analysis
of competitors, we bring to the table a detailed understanding
of existing product gaps which can be tapped by our client.
Demand Model/Estimates with Recommendations
The last step to a quality market feasibility study is putting
together the first four components. These findings lead to the
creation of a demand model. The demand model helps in estimating
the likelihood and habits of end-users for the new business we
are testing. The demand estimates use predictive modeling to offer
a rough figure based on the combination of known factors and assumptions.
The executive summary also serves as a nice and short snapshot
of findings, which works well for upper management if they do
not have the time to read through a 100-plus page report. We ultimately
adopt objectivity in our analysis and make a “go”
or “no go” recommendation.