We leverage internal expertise and our relationship networks to identify, analyze and prioritize markets.
Too often, businesses launch a "new" idea or product without an adequate understanding of the market, the competition and what customers “must have”.
If the market is too small, dominated by competitors, or if the new idea is simply a “nice to have”, for example, it may not make sense to launch the company initially.
Among the questions we try to answer to determine if the product or service continues to have potential are:
- What defined market am I trying to reach?
- What other companies are servicing this market?
- Are the competitors innovating or defending?
- Is the market saturated or wide open? If so, why?
- What is the size of the market?
- Is the market growing or mature?
- How can I reach this market?
- How do competitors reach the market
- What are the business models of my competitors?
- What do customers expect from this type of product or service?
- What core competencies must the product or service have?
- What are customers willing to pay for this type of product or service? Is it a “must have” or “want to have”?
- What is my competitive advantage?