Many millions of dollars and countless hours are wasted annually by entrepreneurs who pursue their dream project only to discover that it just won’t fly. Worse yet, they may have a good idea but “miss the market” simply because they haven’t done their due diligence.

If your project seems viable, you owe it to yourself, your family, team, investors and anyone else who supports you to validate your idea before proceeding. Well researched projects are more likely to be viable, profitable and attractive to potential investors.

First-Step Market Research

Full-scale, in-depth market research is costly. Professionally prepared industry reports alone are typically priced from $650 - $5,000. Other key research, such as focus groups or targeted surveys of prospective users, usually costs $3,000 - $5,000 or more. This can be prohibitive to the entrepreneur trying to get a general feel of whether or not to proceed with a project.

As an alternative, first-step research is affordable and can give you enough directional information about your project to make key decisions. Basic research can't always confirm that an idea is definitely viable. But it can tell you if an idea is not viable or clearly needs reformulation. That will help you avoid the needless expenditure of time, energy and money on a project that would not have succeeded in its current form.

Research Objectives

At the very least, you should seek answers to these key questions about your project:

• What is a likely profile of the target customer?

• Does a similar product(s) already exist, and if so, what is the existing competitive landscape?

• What are the likely route(s) to market (how, where and by whom might it be sold?)

• What probable range of pricing applies to this product?

• What is the approximate size of your potential market?*

• What do potential customers think of the product/service as it's currently proposed?

What You Should Already Know

Before engaging us, you should already have preliminary answers to several key questions. Without these, we can't effectively conduct research.

• What exactly is your product or service?

• Who is your primary target customer and market/niche?

• What will your product/service DO for customers (what is its value proposition?)

Research Options

Depending on your project and budget, we work with you to design a package using services such as those below. It may take more than one of the following to provide the information you need to know about your project.

Market Data Search

A trained professional conducts Internet-based research by using a variety of keywords related to your product and probable industries. This search often reveals significant data that the entrepreneur hasn't personally uncovered. You receive a 1-2 page summary report of initial findings and recommendations. 

• Advantages: Quick, can typically reveal the existence of competing patents or products, suppliers, distributors, price point and relevant industry information. Provides an independent, non-biased look at the project. May strengthen your project presentation for investors.

• Disadvantages: Doesn’t provide prospective user feedback.

Viability Survey

We consult with you and develop a brief survey (up to 10 questions) that can be administered in person or via phone. The survey helps answer basic questions, which may include probable product acceptance, price point, where users would expect to buy it prospective user feedback and more. Note- actual sampling is not included and must be administered by the client. Sampling services are provided upon request.

• Advantages: It is highly qualitative, meaning you interact directly with respondents and gain insights into nuances that other surveys don’t offer.

• Disadvantages: Is labor and time-intensive. The interviewer's personal involvement (particularly yours) may taint respondents’ willingness to be candid.

Viability Survey (Internet Based)

We prepare and launch an Internet-based survey (up to 10 questions) that can be emailed to prospective respondents (client supplied). The survey can help answer basic questions, such as probable product/service acceptance, possible price point, where users would expect to buy it and various other types of prospective user feedback. You receive a 2-3 page summary of responses along with brief analysis and recommendations. 

• Advantages: Online format provides anonymity that encourages respondents to be more candid. Requires no time to administer. More efficient way to gather quantitative data.

• Disadvantages: Sometimes difficult to get sufficient numbers of respondents to complete. Doesn't provide real-time qualitative clues/nuances about respondents’ reactions.

Investor Feedback Survey

Want to know how prospective investors view your project? Mail them a link and ask them to take this anonymous, two-minute Internet-based survey. It gives you the inside view from investors and others who saw your presentation. If you're trying to improve your fundraising efforts, it helps to know what's not working so you can make adjustments. Read more...

• Advantages: Provides candid feedback that investors may not feel comfortable delivering in person. Provides entrepreneurs with highly useful, quantified data about their project and presentation. Inexpensive, easy to distribute invitation via email.

• Disadvantages: Doesn't provide in-depth, qualitative feedback. Investors may not bother to take time to complete it.

Additional Research

We also provide later-stage market research services. For example, if you wish to launch an Internet-based survey but want it emailed to a significant number of potential respondents who meet your potential user criteria, and you want a guaranteed number of actual responses for statistical viability, we can provide a custom quote for this service. Or, if you want professionally prepared market data on your proposed industry, we can advise what reports are available and at what cost. Ask for details.

*Market data, particularly about market size, may not be readily available for all projects without purchasing costly industry reports. When this occurs, we will use general assumptions and extrapolate to the best of our ability, providing you with the basis for our projections. However, no warranty can be made as to the accuracy of these estimates.