Time and money are often wasted on the development of bespoke market information while in certain cases this information has already been collected and is widely available. Libraries, online databases and the Internet contain a wealth of reports and statistics, also referred to as “secondary information” that can be used to identify market trends, market size, industry trends, competitors and potential leads.

If you have several potential markets for your product or service, this will enable you to identify the most relevant ones so that you can carry out a more in depth analysis of these markets and truly understand what customers need. Desk research is strongly recommended to avoid replicating research already carried out as well as helping gain background knowledge on a market that will enable you to maximise your research budget.

Findings from the secondary information would then be validated by Inventya by contacting key industry experts and potential customers. This preliminary assessment of the market will provide you with an understanding of how their needs match with your product or service.

The Full Market Research stage consists in carrying out an in-depth primary market research by contacting potential customers in order to obtain detailed information about them including:

• The reasons why they would buy;
• The solutions they are already using if any;
• The price they are ready to pay;
• Who are the decision makers in the company;
• Their buying behaviours (e.g. tendering procedures, etc...);
• Estimated size of the market.

This research may be completed by telephone, mail, electronically or in personal interviews. The best methods will be ascertained at the time. The aim of this research is to understand customer expectations and identify unmet requirements. This will also provide quantitative measurement of the demand for the proposed products and services.

Usually one of the outcomes of this research is the generation of qualified leads that can be immediately contacted for potential sales.

In this section potential customers are identified and broken down into customer groups (segments) and then research will be completed into understanding their needs. This will include the standards of service support requirements (which will naturally impact on infrastructure necessary in order to implement and sustain the business model).

The information gathered in this section will feed directly into definition of the product offering, product positioning, market opportunity and preferred supply, pricing and business models. With our many years of experience as researchers we can quickly identify, analyse and synthesis the data that is relevant to you to provide you concrete and explicit information that you can use to make vital decisions.