Classic attempts at proof of market often involve research with ‘friends and family’ – usually served up with statistics gathered from industry market reports! But – what about ‘ugly-baby’ syndrome? Friends & family are just as unlikely to offer bad feedback on your new product idea as they are to say you have an ugly baby! And industry market reports, whilst full of generic market data and projections, seldom directly relate to your idea – especially if it breaks new ground.
A good proof of market study will research the entire value chain for your new product idea – and in the process identify the product champions and key influencers as well as potential early adopters. It will highlight the key marketing issues for the product – both good and bad enabling you to refine the offer before it hits the market.
Is it expensive? A good proof of market study can be – but 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 really helps in today’s tough financial climate.