Five Key Steps to determine if your business idea will succeed
Are you an SME with an ambitious plan to develop into new markets? Are you an established entrepreneur with a new product idea? Or maybe an ambitious employee with a potential service idea? There are no boundaries for new innovative and successful business ventures.
If you’re reading this article, chances are that you have the determination and willingness to launch a new business. The secret of getting ahead is to get started with your Market Research!
At SMEXCEL, we recommend to have a better understanding of your business landscape from the start. This will allow you to determine if your business idea will succeed. Do your market research before investing your money somewhere else.
Now, please let us guide you through the five key steps that SMEXCEL can provide you in order to determine if your business idea will succeed:
1- Conduct your Industry Analysis: Starting with an assessment of the current business environment and the complexity of a specific industry is recommended as the first step.
2- Conduct your Market Segmentation Research: At a second stage, we advise segmenting your potential clients in each market into groups. Needs and buying characteristics will be observed.
3- Conduct your Pricing Research: A major step is to observe which pricing strategy to have by using different strategies: Conjoint Analysis, Gabor-Granger, Van Westendorp.
4- Conduct your Consumer Behavior Research: The idea here is to look at your product or service from the perspective of the clients. This will reinforce your understanding to your target audience.
5- Conduct your Product Testing Research: Finally, do not forget to test your prototype product or service in the market, gain feedback on what needs to be improved and what would make the clients satisfied.
Some entrepreneurs or SMEs bypass or underestimate the above steps fearing negative feedback about their new idea or worrying that it will be too expensive. Others do not find the right market research agency that can tailor the research to their needs.
At SMEXCEL, our recommendation is to consider Market Research as an investment in the future of your business. Get in touch with SMEXCEL and let us take you through some of the success stories we had with some of the most innovative SMEs and entrepreneurs worldwide.