Proposition, Market Sizing & NPD Survey
Why might you do it?
1. What else could my brand offer to meet the needs of my customers?
2. How could I identify and demonstrate potential commercials on new ideas?
3. Is it worth investing in these new ideas?
You’ve got a notion, a gut feeling that your idea, your proposition, your concept (whatever shape or form that may take) is something that has a future.
However, investing the capital required to launch on a hunch is a gamble. Alternatively, it can be tested, using a process we have fine-tuned over the years. We take a nationally representative sample and put your idea in front of them – essentially, we take your idea and ask the country (or any country in the world for that matter) what they think of your idea.
From this point, not only do we receive detailed feedback on your proposition, but also we can identify the challenges it faces and what might be turning people off. Alongside this, we can show you the audiences that are most interested in your idea. Our ragdoll model below shows how we visualise this sizing:
Finally, and often the most important part of the outputs, we can show you the size and value of your proposition. By understanding the total market that shows a high degree of interest, we can then examine the annual revenue generated if you were to gain realistic slices of the market. This also allows our Clients to generate a road map of how they are looking to grow their business. For example, how aggressive does the growth need to be before providing ROI and what are the anticipated likely timelines to achieve these numbers?
Of course, there is the other side of this work – sometimes, the data shows us that the idea doesn’t go down as well as hoped and it is not worth the investment needed to get it off the ground. From some of our market sizing studies, we have saved some Clients six-figures sums in CapEx that had been earmarked to create a minimum viable product, that was then re-invested elsewhere in the business. For some entrepreneurs, we have saved them vast sums of their personal wealth.
Ultimately, we view these types of projects as a small investment in the long term, but something that pays off early and makes a lasting impact on the proposition lifecycle.
Qualitative Research Methods
Want to dig a bit deeper? Often the best way to understand something is to just ask why. This simple thought process can lead to fascinating and rich insights. Take a look at some of the ways we approach this kind of work.