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.
New Markets
- 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.
