Market opportunity analysis using simple guerrilla market research can help you make decisions quickly on a new product concept or other idea.
New products and services are the lifeblood of every company. Many marketers, however, are unaware that fast, low cost guerrilla techniques for market opportunity analysis can be a great starting point in the ‘go’ or ‘no-go’ decision process.
Collecting Unbiased Customer Data
The first thing to understand is that business is a social process. Consequently, to do this successfully you will be spending more time dialoguing with people and less time on the internet. What you need to know is still in people’s minds, not published on the web.
However, allocate a small percentage of your total research time to web searches to develop a baseline understanding of what is already available.
Market Opportunity Analysis: The Internet Part
Establish your beachhead by searching the web for current offerings and substitutes in the targeted market space.
This?approach is lean-thinking and is a low-cost?alternative for?more traditional market research methods.
- A detailed guide for finding market information
- A 5-point model for strategy development
- A simple process for arriving at an unbiased decision