If your company had the ability to consistently and rapidly identify the best growth opportunities for increasing revenues and profit on current products and services, finding new customers and markets, and developing and launching new products and services, how would that change your business?
If your company had the ability to rapidly and inexpensively pick up warning signs that a new product or service is unlikely to work or a market is not likely to be as receptive to your offer as you had thought prior to investing time and money into sales, marketing, training and product development efforts, wouldn’t you want that for your business?
This is the essence of market validation. It is making sure that your company puts critical time and resources behind the best opportunities, and avoid the failures before losses are incurred.
Companies that systematically validate markets have higher revenues and profit margins, higher close rates with customers, more frequent hit products, and lower failure rates. The idea is testing a market before beginning to market, sell, and develop new products. Rapid market validation is something at any business can do no matter what the scale. It is not necessary to be a specialist in heavy market research methodologies, and in fact these are not necessary, or to outsource projects to costly market research firms who don’t have the same understanding of your business as you do.
This is good news particularly for small to medium size businesses that may not have dedicated market research departments or teams. Even small sales teams are capable of carrying out market validation, and making a major difference in their overall sales performance. An internal market validation capability is one of the best investments a company can make. The ROI is massive, and there is no way you can go wrong.
We help our clients in three ways:
- We help clients develop an in-house market validation capability by educating and coaching teams through one or more real market validation projects. The benefit is getting the capability along with a real result.
- We do market validation for our clients. Through our vast international network of partners, we can investigate markets in Southeast Asia, China, North America, Europe, Oceania and other parts of the world.
- We can combine the above two in single project, having the client’s internal team work on the project with us for learning purposes.