Is there a market for my new product nf programme 2012 mirc athlone

New Frontiers Programme
MIRC, Athlone 3rd July 2012.

Is There A Market For My New
Product?
MARKET RESEARCH & VALIDATION WORKSHOPS

Greg Byrne

The Venture's Journey | Business Growth Stages

PUSH PHASE PULL PHASE

1. Venture Market 6. Brand Position
Analysis 7. Key Account Management
2. Pitch 8. New Product Development
3. Personal Selling
4. Promotion
5. PR

Is There A Market For My New Product?

Purpose of Market Research & Validation for a Start Up

1)develop the ‘business model’ for how the new company and new
product creates, delivers and captures value and then

2) test that business model in the market place to proof its operability
and profitability.



Business Model – Information, Insight, Data to be sourced, analysed and
tested...

1. The New Product
•The ‘good bits’, the ‘bad bits’ and ‘improve its’ in qualitative research
•The ‘interest’, ‘believability’ and ‘purchase intention’ in quantitative research
2. The Buyer
•Who are they? Profile them.
•Where are they?
•What job do they want to get done?
•How many of them are there?



tested...
3. The Value Proposition
•For (define the target audience and industry) who have (define the big
problem) we have (solution description-what we offer) that delivers (this
big advantageous benefit –over and above competitor solutions)
•Here is our track record/credentials (why you should believe us)
4. The Channels
•How do buyers want to be reached (made aware) and interacted with
(information, advice, service and sales)?
5. Customer Relationship
•What relationship are you establishing with each segment – personal,
automated, acquisitive, retentive, etc?



tested...

6. Revenue Streams
•What are buyers really willing to pay?
•Transactional? Recurring?
7. Key Resources
•What competencies, assets and resources underpin your Business Model?
8. Key Activities
•What key activities do you need to perform well?
•Which ones are crucial?



tested...

9. Key Partners
•Who do you need to rely on to operate your business model?
•Who can leverage it?
10. Cost Structure
•What is the resulting cost structure of your business model?
•What key elements drive your cost structure?


Market Research & Validation
in 7 Steps and
2 Stages

S
Stage 1 Secondary Market Research. Steps 1-5

Company Context

Product Concept
Business Model

Competitor Collaborator

Customer

S
Stage 1 Secondary Market Research. Steps 1-5

Company Context

Key Company Industry , Markets,
Resources, Products
Assets, Product Concept Drivers
Competencies Business Model Challenges
Projections


Customer
Who are they? The supply chain
Their products partners
Strengths Who are they?
Weaknesses Buying objectives
Buying criteria, process

S
Stage 2 Primary Market Research Steps 6 & 7

Company Context

Type of company Target Market(s)
Key competencies
Brand Proposition, Brand values
Product Concept Product Categories
Revenues
Organisation Structure Business Model Channels
Cost Drivers


Customer
Key Partners
Differentiated offering

Target Audience(s)
Relationship requirements
WTP


Step 1: define your Business competencies and your New Product
& Business Model (concept)

COMPANY
1. Business and Competencies
2. Product Concept &
3. Business Model (version 1)

.



1.Business and Competencies

COMPANY

1. Draw your flower, depicting the core competence, the product applications and
markets for those applications. Rank the markets/applications , specifying 1,2
and 3.

Pages 10 and 11 of Guide


DRAW YOUR ‘FLOWER’ POWER

Write your ‘product’ down on the first petal…then forget
 What is it that you/team have or do really well…skill…
- Write it down in the centre of your flower
- Fill the other petals with other applications that could be made with your core
- Now rank the petals according to these factors:
- importance of competency to application market
- growth rate of application market
- competitive intensity and competitors
- resource requirement
- Prioritise the petals
- List the top 10 buyers in each priority application market.
FLOWER EXERCISE TEMPLATE PAGE 30



2. Product Concept (version 1)
Title/name - XXXXXXXXXX
Who? – The Target Buyer; who will buy, influence?
Why? - Motivation for purchase/use. Why will it be bought and used?
When and where? - Usage Occasion. Time and location; relative to other events?
Buyer Insight- What is the penetrating buyer understanding driving the idea? (The
“Aha!”)
What is it?- Idea description, Proposition, Benefit. What it is, what it does, and how does
it improve the life of the buyer?
RTB- Reason to believe the benefit
Packaging Format- Format, size, material, function, (e.g. opening, drinking, dispensing,
resealing, reusing, stacking, disposing, etc)
Other Notes .................................................
Pages 12- 13 of Guide


WHY BUSINESSES BUY

•Provide their own goods or services more cost effectively
•Save money
•Cement relationships
•Position themselves strategically
•Improve public relations
•Solve problems
More rational, logical


Why Consumers buy

•Meet biological needs
•Increase security
•Gain status or recognition – to belong
•Live out fantasies
•Reduce anxiety or other strong emotions
•Save time or money
•Solve problems
can be irrational, more emotional



3. Business Model
description of how your venture ‘creates, delivers and captures value’:
• The customers / segments you will serve
• The value proposition you offer them
• The channels through which you will reach and interact with them
• The relationships you will establish with them
• The revenue stream(s) of what customers are willing to pay , once off / recurring
• The key resources and assets that underpin your venture and business
• The key activities that are crucial to operate
• The key partners / collaborators you need to rely on
• The cost structure and key elements that drive costs


Step 2: draw up the ‘product category map’ for the market that
you are going to enter

CONTEXT
4. Source Information from the available industry reports, magazines,
websites, form 10ks, IPO Documents, competitor websites...
5. Draw the ‘product category map’
6. Identify PEST trends that could / will impact
COLLABORATOR
7. Who else is needed to make, distribute, fund, approve, install, sell,
service products in the market?



CONTEXT

4. Gather Information from the available industry reports, magazines,

Secondary Market Research is where you start a start up!

Secondary research means using published information such as industry profiles, trade journals,
newspapers, magazines, census data, and demographic profiles and talking to people who
know about the industry, markets and products you are considering.

This type of information is available in public libraries, industry associations, chambers of
commerce, from vendors who sell to your industry, and from government agencies .




Available, current known facts about your industry, market, products, providers and customers:
eg
• What is the total size of your market?
• Current demand in target market.
• Trends in target market—growth trends, trends in consumer preferences, and trends in product
development.
• Provider profiles
• Product features, positionings
• Customer profiles and buying behaviours
• Business models




SOURCES OF SECONDARY MARKET RESEARCH - INDUSTRY /TRENDS ANALYSIS

• Listed Companies ‘form 10K & 10Qs’ from their websites
• http://www.magportal.com/c/bus/ind/ (search engine for magazine articles)
• Marketresearch.com (Aggregated multi-sourced industry and markets analysis)
• Researchandmarkets.com (world’s largest market research resource)
• Mintel.com (consumer, media and market research)
• Keynote.co.uk (business and market intelligence)
• BizJournals.com (industry specific trends)
• Companiesandmarkets.com (400,000 market reports, company reports and company
financials)
• Aberdeenreport.com (benchmark industry and process reports)
• Strategy-business.com (industry and issue research and analysis)
APPENDIX 3 Page 32



SOURCES OF SECONDARY MARKET RESEARCH

MARKET RESEARCH DATABASES

• Analysys –Billing & Customer Care, Service & Delivery Platform Strategies, CSP Operator
Strategies, Telecoms Software Strategies. http://www.analysysmason.com/
• BCC Research www.bccresearch.com Multisector with emphasis on materials, food,
enviro, electronics, pharma, etc
• Business Insights www.globalbusinessinsights.com. Reports covering the healthcare,
food, technology and energy sectors.
• Datamonitor www.datamonitor.com . Multisector, in-depth market research news and
reports covering pharmaceuticals, energy, financial services, etc.



COMPANY DATABASES
• Kompass www.kompass.com Global database of companies by sector, including
manufacturers, distributors and services
• FoodLine Web source of information for the food and drinks industry. They include
Market, Science and News journals, books & patents.
• MEED Projects www.meedprojects.com Project pipeline information covering the Middle
East
• OneSource http://www.onesource.com/ US company directory and financials. Also
Freedonia market profiles for US on a number of sectors.
• Emerging Medical Technologies Database http://lifescienceintelligence.com/emt.php
Database only.
• BioPharm Insight http://www.biopharminsight.com/ includes the entire drug discovery
and development pipeline, approved drugs, licensing deals, pharmaceutical
sales/projections, medical devices, management contacts and more.




KEY NEWSLETTERS
• Clinica (World Medical Technology News) http://www.clinica.co.uk/home/
• Scrip (World Pharmaceutical News) http://www.scripnews.com/home/
• MedTech Insight www.medtechinsight.com (access to mag articles only, not
reports)
• AnimalPharm http://www.animalpharmnews.com/
• Informa (2 newsletters Media + Comm)
• MEED www.meed.com (Middle East business intelligence)




GOOGLE

KEYWORD SEARCHES

GOOGLE ALERTS

Pages 16 -17 of the Guide



EXAMPLE Wound care product

GOOGLE SEARCHING ‘Wound Care’

The Explosive Growth of the Wound Care Market

We spoke with Nerac Analyst, Ron Sills, about the explosive growth we are seeing in the wound care
market, the factors driving the growth, the latest products as well as how the medical and
healthcare industries are attempting to reduce the costs associated with wound care.

“Industry leaders like 3M, Johnson & Johnson, Convatec, Coloplast, Closure Medical, Smith &
Nephew continue to develop innovative solutions for wound care as evidenced by their patent
portfolios and product approvals”


FORM 10K INSIGHTS

Wound Care
...physicians and nurses are critical to the adoption and use of advanced medical systems, a major
element of the sales force's responsibility is to educate and train these medical practitioners in
the application of our products, including the specific knowledge necessary for optimal clinical
outcomes and reducing the cost of patient care.

...we employ approximately 200 specialists who consult with our customers regarding the often
demanding and complex paperwork required by Medicare and private insurance companies. In
fulfilling the paperwork requirements, these specialists enhance the overall productivity of our
sales force.



Form 10K - Stratsys

Our sales organization is responsible for the sale of our products on a worldwide basis and for the
management and coordination of our growing network of authorized resellers. Our direct sales
force consists of salespersons who work throughout North America, Europe and in parts of the
Asia-Pacific region. Our application engineers provide professional services through pre-
sales support and assist existing customers so that they can take advantage of our latest
print materials and techniques to improve part quality and machine productivity. This
group also leverages our customer contacts to help identify new application opportunities
that utilize our proprietary processes and access to our parts printing service,
3DpropartsTM. As of December 31, 2010, our worldwide sales, application and service staff
consisted of 159 employees.


5. Draw the ‘product category map’

Product Market categories are created by needs, buying power, and products to satisfy needs.

For each customer need, there are typically several products available

NEED PRODUCT TYPE MARKETS BRANDS

Pages 14-15 of the Guide

‘



Ocean
Oil, Gas &
Electricity
Biomass
Energy
Displacement
Geothermal

Wind
Viessman
Solar PV
Ritter
Solar Thermal

Day Light Thermal Thermo Photonics
Energy Co.



6. Identify PEST trends and changes that could / will impact

• Change in Technology
• Change in government regulations Demographic
• Change in the Economy s

• Change in your Industry
• Change in Social and culture life (style, mores)

Page 18

Mobilit Recession
y Online



SOURCES OF PEST INFORMATION

• Trendhunter.com
• Trendwatching.com
• Springwise.com (new ideas, products and businesses)
• JWTintelligence.com

Fundamental changes and trends = change = opportunity




– Mobile Money: The digital wallet became a reality for more
consumers in more markets,
• although we’ll see more tech advances in 2011 that will help drive this trend further
into the mainstream. In 2010, among other things, the practice of texting donations
became widespread after the Haiti earthquake, an updated PayPal app allowed users
to exchange money by bumping phones, and various new tools turned phones into
credit card terminals.



75,000 babies...
• That is the number of babies it’s expected will be born in Ireland this year. We have
the highest fertility rate in Europe, and the number of families with young children is
expected to grow continuously over the rest of the decade.
• Ireland’s 20-something population peaked in ‘07
• It is the 30-something population that is now causing the baby boom
• Families are fashionable again after a decade of youth-driven individualism

Focus on mums: they make most of the decisions about spending,
savings & borrowing -for their families as well as for themselves



1,230,000 getting older
• People over the age of fifty –all 1.2 million of them –make up over a quarter
of Ireland’s total population (and over a third of the adult population). Their
numbers will grow steadily over the next ten years, as will those of over 50s
throughout the world.
• There are approximately as many 50-somethings as teenagers in Ireland
• Over 50s tend to have the lowest levels of debt across the age groups
• Our cultural obsession with youth will increasingly give way to a new
appreciation for maturity



1,940,000 online lives....
• Never has a product or service been adopted by so many people in Ireland
so quickly. We’re talking Facebookof course. Nearly two thirds of internet
users –that’s over 4 in 10 adults –now uses Facebook. And the number is
still rising.
• Internet usage in Ireland has continued to rise steadily throughout the
recession –from just 4 in 10 adults in 2006 to nearly 8 in 10 today.
• Irish consumers are spending a growing share of their time and money
online.
• The wider cultural consequences are only emerging: expect new sources of
trust and authority to emerge post the recession.



80,000,000 euro
• That’s the approximate amount in euro Irish consumers are expected to
spend this year. They’ll probably save another €10 billion on top of that.
Consumers spent the same amount back in 2003-4. But they won’t spend it
on the same things this year. That’s the challenge if you want to get more
than your fair share of the cake.
• The consumer zeitgeist has been permanently changed by the recession –
recovery won’t mean a return to the way things were
• Consumers will remain focused on value –but that doesn’t mean a focus just
on price. New priorities –driven by new needs and circumstances –will
provide growth for some



COLLABORATOR

7. Who else is needed to make, distribute, fund, approve, install,
sell, service products in the market?


COLLABORATOR
7. Who else is needed to make, distribute, fund, approve, install, sell,
service products in the market?

THE TOTAL PRODUCT VALUE....

• The physical product itself
• The brand name
• Company reputation
• Pre-sale activities ( eg education, demonstration by salespeople)
• Post sale activities ( eg installation, technical support)
• Maintenance, repair, warranty
• Financing
• Convenience
• Availability
• References
• Reputation of retail outlet
• Re-seller, partners

Steps 1-2 Where are we now?

Business Model Concept

Market
Size
Trends
Growth Product
Products Concept Template
Brands
Competitors
Collaborators Core Competence
Flower Template

+ PEST Impact -- PEST Impact


Step 3: for your ‘product type solution’ category, identify the
existing brand leaders and go to each ‘brand leaders’ website
and extract how they describe their ‘corporate positioning’ and
also their ‘product positioning’.

COMPETITORS

Focus on the top three.



COMPETITORS

Example...for your ‘product type solution’ category, identify the existing brand
leaders

NEED PRODUCT TYPE SOLUTION BRANDS

Nutraceutical/ Health Brain- Memory Nawgan
Drinks NeuroSonIQ
Benevia

Guide Page 19



COMPETITORS

8. Identify their corporate positioning and their product positioning

9. Check against the Business and Competencies you defined in Step 1.

Where do you fit? You can’t be, or offer the exact same!

Guide Page 19-20

Step 3: for your ‘product type solution’ category, identify the existing
brand leaders and go to each ‘brand leaders’ website and extract how
they describe their ‘corporate positioning’ and also their ‘product
positioning’.
COMPETITORS
8. Identify their corporate positioning and their product positioning
Corporate Product Key Customer
Positioning Positioning Values
Nawgan - Cognitive Nawgan is an all-natural
brain fitness beverage
Beverages - Based developed by a
on Science. What neuropsychologist ,
to drink when you formulated to sharpen
want to think the mind. It's a non-
carbonated refresher for
the mind that features a
patent-pending blend of
ingredients combined
and formulated to
improve memory and
cognition.
Age +30.



COMPETITORS

9. Check against the Business and Competencies defined in Step 1.
Where do you fit?

You can’t be, or offer the exact same!


Step 4: for each ‘corporate and product positioning’ identified in a
competitor’s website, list out the ‘key customer values’

CUSTOMER

10. What are they offering in benefits to customers? What customer
benefits do they talk about?
11. Identify the top, recurring (amongst existing competitors) key
customer values
12. Check against the Product Concept (version 1) in Step 1.

Guide Page 21


CUSTOMER
10. What are they offering in benefits to customers? What customer
benefits do they talk about?

Corporate Product Positioning Key Customer Values
Positioning

Nawgan - Cognitive Nawgan is an all-natural brain fitness
beverage developed by a
Brain Science,
Beverages - Based on neuropsychologist (that’s a brain Natural Support,
Science. What to drink when scientist to you and me), formulated No Artificial,
you want to think to sharpen the mind. It's a non-
carbonated refresher for the mind that No preservative,
features a patent-pending blend of Low Calorie,
ingredients combined and formulated
to improve memory and cognition. Doctor Developed
Age +30. Caff / Decaff

customer values
Positioning

Nawgan - Cognitive Nawgan is an all-natural brain fitness Brain Science, Natural Support,
beverage developed by a No Artificial, No preservative,
Beverages - Based on neuropsychologist (that’s a brain Low Calorie,
Science. What to drink when scientist to you and me), formulated Doctor Developed
you want to think to sharpen the mind. It's a non-
Caff / Decaff Organic
carbonated refresher for the mind that
features a patent-pending blend of Kosher Herbal
ingredients combined and formulated Antoxidant
to improve memory and cognition. Anti Ageing,
Age +30. Busy Life,
Convenient

customer values
Positioning

Leadership, Innovation, Operational reliability Gap
Quality, Long service life
Size/Scale, High efficiency
Heritage Reduced heat loss
and Environment. Heat utilization and
transfer Real World Performance
Straight forward Proof
installation
Elegant design
Low Maintenance



CUSTOMER

12. Check against the Product Concept (version 1) in Step 1.


Step 5: test the key customer values offered by your product and
company against those offered by your competitors

CUSTOMER

13. Are you offering value that is not being offered by competitors
or are you offering better values than they are?

This gives you a potential market differentiated positioning.

Market Research & Validation in Seven Steps

Step 5: Test the key customer values offered by your product and
company against those offered by your competitors and then write out
your market differentiated positioning statement

Brain Science, Who? - is your target customer ?
Natural Support,
No Artificial, Why?- will your product be bought and why will it be used?
No preservative,
Low Calorie, When & where?- would your product be used by the
buyer?
Doctor Developed
Caff / Decaff Buyer Insight- the essential insight you have into the
Organic buyers mind and need for your product?
Kosher
Herbal What is your new Product?- proposition, features,
advantages ,benefits
Antioxidant
Anti Ageing, Reason To Believe- your product will deliver those
Busy Life, advantages and benefits?
Convenient


company against those offered by your competitors

13. Are you offering value that is not being offered by competitors
or are you offering better values than they are?

Write out your market differentiated positioning statement

POSITIONING STATEMENT
Define and describe:
1. Target Audience
2. Market Product Category
3. Unique, Relevant Valued Benefit
4. Proofs

company against those offered by your competitors. Write out
13. Are you offering value that is not being offered by competitors or are
you offering better values than they are? This gives the potential
market differentiated positioning
1. TARGET AUDIENCE

Target Audience Example
• The end-user markets are residential householders and commercial buildings
occupiers.
• Intermediary markets are specifiers (architects, mechanical & electrical contractors,
air conditioning contractors, construction firms), renewable energy firms (solar
consultancies, integrators and installers), housing associations, utilities and
investors (ESCos)


1. TARGET AUDIENCE
CUSTOMER PROFILES
Describe your ideal customer or client by answering the questions below. The
questions take you from specific characteristics to a definition of a market or
market segment:
– How will they use your product or service?
– Why might they buy it?
– What will they pay for it?
– Are they men, women, or both?
– What is their age group?
– What is their approximate average income?


1. TARGET AUDIENCE

CUSTOMER PROFILES

– What is their employment type (blue-collar, white-collar, managerial, professional,
homemaker, etc.)?
– What is their lifestyle (personality, self-image , etc.)?
– Where are they located (local, statewide, national and international)?
– How many of them are there?
– How many do you expect to get as customers?
– What percentage of the market do you expect to get?
– What’s the growth trend of your target market?
– What are their buying habits?


1. TARGET AUDIENCE

CUSTOMER PROFILES

– What magazines do they read?
– What organizations do they belong to?
– What conventions or events do they attend?
– Is there a directory that lists them?
– Are there mailing lists of them available?
– What is the best way to reach them?

1. TARGET AUDIENCE
BUSINESS-BUYER PROFILES

market segment:
– How will the firm benefit from buying your product or service?
– How much are the benefits worth to them – in savings, increased market share,
profile, etc.
– Who buys? Who influences? Who facilitates? Who decides? What buying
procedures are in place? What controls?
– What level of service do they expect?

1. TARGET AUDIENCE

market segment:
– How are they used to buying? Salesperson? Directly? Other?
– How is the transaction started, facilitated, completed?
– What industry norms govern the transaction? Discounts, payment terms, warranties,
types of contracts.
– Where are they located (local, national and international)?


1. TARGET AUDIENCE

– What piece of the market are you aiming for?
– How many of target firms are there?
– How many do you expect to get as customers?
– What’s the growth trend of your target market?
– What are their buying habits?
– What organizations do they belong to?


1. TARGET AUDIENCE

– What conventions or events do they attend?
– What places and sources , online and off line do they use to find out about products,
developments, innovations?
– Is there a directory that lists them?
– Are there mailing lists of them available?
– What is the best way to reach them?


2. WHAT IS THE PRODUCT CATEGORY

Product Category

Within the Oil/Gas/Electricity Energy Displacement Market, we are a
new product type solution – A Day Light Thermal Energy System
for heating & cooling and for generating electricity.


3. WHAT IS THE UNIQUE, RELEVANT VALUED BENEFIT
• Define what you provide/will provide
– As simply and concisely as possible, emphasizing function, not form
• Describe your customer and their big problem
– As precisely as possible, emphasizing why they care, -- ie., the type and
magnitude of the problem they have that you solve
• Define precisely the value you provide to your customer in terms of benefits they will
receive
– Quantifying your claim when possible, especially for businesses, and supporting
it with testimony


CUSTOMER

VALUE PROPOSITION

• For (define the target audience and industry) who have (define
the big problem) we have (solution description-what we offer)
that delivers (this big advantageous benefit –over and above
competitor solutions)
• Here is our track record/credentials (why you should believe us)


4. PROOFS

Performance, quality & lifecycle accredited: by TUV Rhineland to EN12975:2006; by
Applied Research Laboratories in Australia/ New Zealand to AS/NZS 4234:2008 and
AS2712:2007 exacting standards, by SEAI (administered by Gastech UK) to the SEI
Harp Database and by SRCC to USA/Canada standards.

4. PROOFS

The first DTES in Europe to gain the new Global Mark of Energy Efficiency ‘ENERGY
STAR’ Accreditation- designating it as a top 25% most energy efficient solar hot water
system.
The only DTES in Europe, USA and China to hold both the AS/NZS 4234:2008 and the
ENERGY STAR Mark.
Under the TRNSYS performance measurement standard used by the US Government in
2011
- Our DTES is 95% more powerful than the best German CPC
vacuum collector. You need twice as many of their collectors.


Steps 1-5 At this point you will have collected and developed
much of the information and insight on how your venture
‘creates, delivers and captures value’:
• The new product concept
• The customers / segments you will serve
• The value proposition you offer them
• The channels through which you will reach and interact with them
• The relationships you will establish with them
• The revenue stream(s) of what customers are willing to pay , once off /
recurring
• The key resources and assets that underpin your venture and business
• The key activities that are crucial to operate
• The key partners / collaborators you need to rely on
• The cost structure and key elements that drive costs


Step 6: Draw up your Primary Market Research Strategy and
prepare the Research Materials

PRIMARY MARKET RESEARCH

1. Research Strategy
2. Areas & Questions to explore
3. Materials to be used


Qualitative Market Research
Depth Interviews to clarify and define the agenda of investigation for focus groups
consisting of target audiences.
Focus Groups of 8-10 prospective customers, competitor customers and non-
customers.
Panel of Experts: six to ten ‘experts’ in roundtable interactive discussion or interviewed
individually about the future drivers and direction of your market and industry and
responding to your proposed new product and customer relationship concepts.

Quantitative market research
Omnibus Survey question(s) to size the ‘who’, ‘where’, ‘when’, ‘how many’ and , interest
and purchasing intentions with the results projected onto larger populations.
Market segmentation research study to size and define the key market segmentations
by description and response bases.



To present the new ‘product concept and the ‘business model’ to target market samples,
with the objective(s) of understanding (qualitative data):

.....the current provider and product category,
.....it’s importance to buyers and sellers,
.....how and when interest/purchase is triggered,
.....the current provider brand familiarity and favourability perceptions and associations,
.....the current buying process/steps/channels,
.....past experiences in purchases and outcomes,
.....criteria used to select ,
.....the perceived significant product segmentations ,
.....the significant buyer market segmentations



Ascertain the first impressions (qualitative)of the new product and corporate provider and
capture the ‘hot’ buy/sell features and benefits ( the good bits)
• Test the hypothesised ‘brand personalities’ ( name, logo, tag lines, screens)
• Invite improvement ideas ( the improve its)
• Make sure we know the negative perceptions ( the bad bits)
• Initial testing on pricing
• Get Market ‘verbatims’



In addition to seeking qualitative information and data, the research strategy will aim to
quantify a number of key elements of the ‘business model’:
- Importance of the ‘problem’ in the market
- Levels of ‘interest’ in the solution offered
- Levels of ‘credibility’ perceived in the solution offered
- Willingness to pay a price
- Numbers in the interested market
- Demographic and geographic profile



2. Areas & Questions to be explored




CURRENT BRANDS IN THE MARKET CATEGORY
• Ask what provider brands are known?
• If you met this brand at a party – how would it introduce itself? What would it say about itself?
What would it wear?
• Show different product providers’ logos. What is your opinion of each of these companies?
• What are the first thoughts that come to mind when you see each one?
• What sorts of products do they sell?
• What products could they sell?
• What types of people buy from them?
• How would you group them?
• Who are the key competitors?
• Why?
• What are their key sales and service activities?



CURRENT MARKET PRODUCTS

• Probe ownership of product x type and other category products.
• Which product x types have you heard of?
• Probe full list to gauge understanding of products available.
• What product x’s do you own?
• What was the trigger to purchase?
• What others did you consider?
• What are your main reasons for having a product x?
• Are certain product x’s more suitable/better than others to meet your objectives?
• What were the main things you were looking for when you bought the product?
• Who did you buy it from?
• Why?



3. Materials to be used


The Product Explained in the following Promise
paragraph sequence
Consumer Insight
should express the core idea simply and
succinctly with as few adjectives as possible

The Insight should be an expression of the need
derived from consumer understanding Proposition

a clear statement of the offer Image / Visual of the
should be clear and descriptive Reason to Believe New Product Concept

can be practical or emotional or a mixture of
both.

End Benefit
builds the idea and understanding of it.


Step 7: Execute the Primary Market Research and Interrogate the
Results to Adjust / Refine your New Product Concept and the
Business Model.


Flavoured bite-size pizza balls Evening in pub?

Recloseable
When you want something more than a packet Foil pack
of crisps, these bite-size pizza balls are the
satisfying snack you’re looking for.
Key differentiator

Tasty little balls of pizza dough - with fresh Same
herbs, chopped sun-dried tomatoes or even size as
cheese and onion – [that give you the taste Grab bag
of real pizza whenever you want.]
Key benefit

They are easy to eat and make a great snack
anytime.
No greasy fingers
Can we register?
Range
• Herby Pizza Bites Max 3cm
• Tomato Pizza Bites for kids
bite-size
• Cheese And Onion Pizza Bites

Venture Market Analysis

Questions....

Venture Support

Free help at ...www.marketing4entrepreneurs.org

Is there a market for my new product nf programme 2012 mirc athlone

Is there a market for my new product nf programme 2012 mirc athlone

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