One of the key mistakes that start-ups often make is failing to conduct market research BEFORE spending time and money developing a new product or service.
Why is market research so important? Because assuming you ‘know’ your market, without doing research to substantiate it, is highly risky. Many innovators find out too late, that no-one wants their new product or service. By gathering objective data in the early stages you can clearly identify your market; understand the demographics; buying habits; potential price point and why and how people will purchase your product or service. This mitigates your risks and enables you to position and package your offering accordingly.
Investors will ask what research you have conducted to substantiate your market, and without this information you are simply guessing.
Need help? INNOVIC offers a market research service that identifies and segments the market, evaluates consumer insight and product acceptance and provides structured and valuable information for capital raising, partnering, distribution and business strategy.
Contact us on www.innovic.com.au or (03) 8060 3504.
