So – you’ve come up with a great idea for a new product. How do you know if customers will buy? That’s where the new Proof of Market Grant from the Technology Strategy Board helps. The grant pays out up to £25,000 towards 60% of the costs of undertaking a market assessment – which is great in today’s tough financial world.
Aside from proving a market for your product, the real value in a Proof of Market Grant is in the extra insight that can really strengthen your offer. Here are just seven added benefits of undertaking a Proof of Market study:
- You identify ‘unknown’ customer preferences, needs and concerns. These are often less obvious aspects of your product such as safety or how it’s packaged and delivered.
- You validate your product’s features and benefits and verify to what extent these are important to your customers.
- You get an indication of future demand or customer take up – so you can plan ahead.
- You get feedback on pricing before you’ve actively started marketing the product – so you know how to price.
- You get valuable insight into your competition - so you can position your offer better.
- You discover vital background market information – so you can factor this into business planning
- Most importantly, you identify early adopters and potential customer advocates to evaluate your new product at prototype or ‘beta’ trials
Used wisely, a Proof of Market Grant enhances your new product idea by delivering vital insight before you commit significant time, effort and money in product development.