Starting a new business or launching a new product or service costs time and money. Before you jump in it is essential to assess the potential demand as well as checking out the competition. If we miss this step out we may find that our good idea falls flat on its face and all that time, money and enthusiasm has gone down the drain.
New Products and Services
- Trial products on friends, family and staff.
- Taste test foods and drinks.
- Survey potential customers (particularly useful for setting prices and understanding the competition).
- Evaluate the feedback.
- Research the existing market and main players.
- Identify potential routes to market by talking to key influencers and stakeholders associated with the market.
- Evaluate the market potential.
IQ4Business was approached by Eden Marketing to carry out research to test the market potential for a new member-only service for sole traders, SMEs and junior marketing professionals. This is what Jean Atkinson, MD of Eden Marketing had to say about our market assessment services: It was clear when speaking with peers that there was demand for access to marketing support, but cost was usually the limiting factor. Although I knew there was a demand, there were a number of variables which needed clarifying in order to launch the right product at the right price. Market research provided me with the answers I needed in order to reduce the risk and understand how to position the service.
Eden Marketing Ltd
Jean Atkinson, Managing Director