January 9, 2018 –
How many times have you had a great idea and then later found out it exists? It's extremely rare to have a completely original idea. Uber, Facebook, Airbnb, Instakart, and just about every other billion dollar startup was in no way original. Not even close! All these ideas and most likely your idea already exist on the market.
Don't worry, that's perfectly ok. Why? Markets tend to be thousands to millions of entities and those huge markets are made up of segments. Different segments of the market have different needs or at least different secondary needs. We want to identify those market segments, how big they are, and what their secondary needs might be.
In Market Research 1, we will identify and characterize the two forces that make up the market - the supply (competition) and the demand (customers).
The logic is simple. We want to know what the people want, how many want it, who they are and we want to know what products/services are already available to them in detail. Based on this, we can have a clear vision for how we might shape your idea to fit into that market.