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Testing the Market

Market testing is essential to the success of any launch. Whether you are launching a new company, brand, product or service, it is important to understand the state of the market, the competition, your potential customers, what methods of securing business will work most effectively, and – most importantly – your chances of success.

Market testing is about feasibility, but it is also about design. Benchmarking, market testing and market research are essential parts of planning the launch of any new product or service. They help determine all elements of the marketing mix, from product specification to price.

testing

Before committing significant funds to a product launch, marketing campaign or even a new venture, it makes sense to test the market first. Assessing the feasibility of your business idea or proposition can turn a ‘leap of faith’ into a well-planned, sure-footed march. 

WHAT IS A FEASIBILITY ASSESSMENT?

A feasibility assessment is a study into the viability of a proposed new business, product or service. A feasibility assessment will not tell you whether your business will succeed or fail, or how much you can expect to earn from a new venture. Success depends on many factors: some of which are within your control and some of which are out of your control. However, a feasibility assessment will give you some vital information, which will help you to decide whether the project is worth pursuing.

Reasons for undertaking a feasibility assessment

A feasibility assessment is an aid to business decision-making. It is the starting point in evaluating a business idea, in assessing its viability. It should give you the confidence to either jettison the idea, because “it doesn’t stack up”, or to proceed further.

A feasibility assessment helps you to save time and money through evaluating the prospects for success of a business idea. It will also help you to decide between alternative ideas, and help you to make mistakes. For example, it will help you to decide where and how to market your products, and where your efforts will be wasted.

In putting together a business plan, a feasibility assessment is a crucial part of the process, as it provides you with firm guidelines towards planning the elements of your marketing mix:

  • Product
  • Price
  • Placement (distribution)
  • Promotion

 It will also form the bulk of a SWOT analysis (strengths, weaknesses, opportunities and threats) into your business, which will ensure that you have a good understanding of your business prior to launch.

 Although a feasibility assessment will not eliminate the risk associated with any new business, it will help you to make a fully informed decision about whether to proceed, and how to do so if you decide to go ahead.

Method

Following the initial brief, our consultants will prepare the assessment, seeking whatever information is required to gain a full picture of the market for the products and services proposed, the competition and so on. Completing a feasibility assessment can only be undertaken by reference to known facts. These will be ascertained through a number of sources and through a range of methods. These methods will vary, depending on how hard or easy it may prove to find the required facts.

Following completion of the report, our consultants will be glad to meet with you to discuss its conclusions, answer any questions, and offer any further assistance or advice, of course.

 

 

 

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TEST YOUR MARKET,   CONTACT US TODAY!