A Matter of Perspective: Due Diligence Market Research - Is It an Expenditure or Preservation of Your Funds?
So you've developed a new product or conceived a service offering that you think can make a dramatic impact in the marketplace. Or have you? The fact is that most people that have ever conceived an idea for a new product hold a bias believing it is the greatest new invention ever. It is also fact that over 90% of these new ideas never acquire patent protection, and of those that do, 90% again never make it to market. Before you rush to spend your hard-earned retirement nest-egg on prototyping and producing your perceived gold mine, wouldn't it be wise to conduct some preliminary research to validate the market for your product?
- Is there a consumer need for your product?
- Will there be sufficient consumer demand to justify the cash outlay required to bring the product to market?
- Are there competitive products?
- Are there substitute products?
- Is there a convenient and cost-effective way to get your product to the consumer?
- Most importantly, can your product be priced to appeal to consumers and produce a profit for your organization?
These are the things that need to be understood before launching a business venture that will require a substantial outlay of your personal wealth; and if you seek lender or investor capital, they will absolutely expect answers grounded in reality.
Consequences to Your Accumulation of Personal Wealth
To leap headlong into such a business venture without validating the market for your product will often become a recipe for financial disaster. Ill-conceived ideas that can't be manufactured at a reasonable price, or are too labor-intensive to be profitable, or products for which there is inadequate consumer demand, will certainly lead to demise. The experts at Pro Business Writers Plus can research marketability for your product or service and validate that market based on consumer sentiment surveys designed to eliminate bias and produce reliable results. We can often assist with direction on how to cost-effectively produce prototypes. The strategy at this stage of product development is to validate your market and potential profitability to assure that pursuing your brainchild makes financial sense. It's better to eliminate personal bias and validate marketability before you invest substantial amounts of personal funding only to discover your product doesn't have quite the potential you thought it did.
Let Our Unparalleled Research Capability Work for You
The experts at Pro Business Writers Plus are ready to assist you with the proper research to validate your market potential without bias. We understand that learning your product isn't the wealth-producer you might have thought it was can be a disappointing experience, but isn't it a great trade-off when your life savings is preserved through the wisdom of performing this essential research? The time to validate your market is before you exhaust your hard-earned savings and retirement funds. When you're ready, so are we.