Business Challenges / Market Opportunity Assessment
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-Vice President of Marketing, Enterprise Content Management System Provider
Market opportunity research is used when companies are developing new products and services or are considering entering new markets. They use research to:
- Identify or validate new market opportunities
- Provide market size estimates
- Identify market requirements and barriers to entry
Market opportunity research typically explores the following dimensions:
- Existing market pains and unmet needs
- Relative priority of addressing the existing pains and needs
- Direct and substitute solutions used by the market
- Market knowledge of the category
- Market readiness to adopt the product or service
- Number and relative strengths and weaknesses of competitors
- Purchase cycles
- Purchase history
- Willingness to invest and intent to buy
- Budget availability and source
Market opportunity research uses qualitative and quantitative approaches depending on the nature of the offer, the market being evaluated, and the stage of the evaluation process:
- Qualitative techniques such as focus groups and in-depth interviews are used at the early stages of the evaluation process when there is a need for a broad exploration of potential opportunities.
- In-depth interviews are typically the most appropriate for very complex products and for gathering feedback from executives.
- Quantitative surveys are used further along the evaluation process when there is a need for concrete numbers for market sizing analyses or business case presentations.
The typical insights gained from market opportunity research include:
- Market sizing estimates
- Timeframe associated with the opportunity
- Hurdles and barriers to entering the market
- The nature of the marketing challenges, e.g. education or differentiation
- Adjustments required in the sales organization