Market Research

 The basic strategy is:

  1. Be agnostic to numbers.
    Don't let yourself inflate numbers because you hope them to be large/small.

  2. Iterate with the scientific method.
    Decide on a hypothesis, figure out the answer with experimentation (such as asking knowledgeable people), analyze results, and iterate.

  3. Refine metrics as you learn.
    Just like a product or service iterates through a alpha, beta, and full release, your market research should evolve to become more mature.

You'll be chasing after a few metrics that prove that there's enough value surrounding your problem/solution. Here are 9 of those:

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This is from the PowerPoint attached. It was prepared by the BALSA Group, and will help you figure out the basics.

Basics of Market Analysis

Words of advice from a previous Sling Health Project Leader about the power of “your network” for market analysis

Problem Statement

A problem statement instills the essence of a demonstrated need from a potential customer that leads product/market/business development.

Or

The one sentence to describe what kind of specific challenge someone wants to fix.

Context:

The process of innovation can be over simplified in these steps:

Voice of customer -> need/problem statement development -> concept development

 

It’s easy to develop a concept that addresses a need and a set of requirements.

But its difficult to understand and instill a need that a customer has communicated.

Characteristics of a good Problem Statement:

  1. Free of solution

  2. Free of bias

  3. Concise -> one sentence

  4. No assumptions, inferences, or any forms of judgment

  5. Bonus: Incorporates metrics of the problem and desired change

Problem Statement "Formula":

Who has the problem, what is the problem, what are the constraints/ necessary details?

Tips:

  1. Focus on what change or outcome is required, not how the change is accomplished

  2. Embrace need statement development as a commitment: “a well defined problem is half the solution”

  3. Goal is to establish the need as broadly as possible, while keeping it linked to a specific, verifiable problem

Common Mistakes:

  1. Embedding a solution within the need

  2. In response to 1, inappropriate definition of scope (making it too broad)

  3. Over-generalization