Explanation of Service – For organizations with a product concept or existing product, a Market Validation Study is a formalized program using quantitative and qualitative methods to improve decision-making. Market Validation Studies are used to help determine if a product has a market need, the strength of that need, barriers to successfully launching the product, key customer concerns as well as pricing.
Tasks and Tactics –
- Define research objectives
- Build Market Validation Plan
- Conduct independent third-party research of available online resources
- Identify target customer & customer profile data
- Collect customer data via survey, focus groups & one-on-one interviews
Deliverables to be Provided –
The deliverable is a detailed report outlining product definition, target audiences, research findings and final analysis/recommendations.
- Market Validation Plan with clear research objectives & calendar of milestones
- Independent Market Research Report
- Customer research data (survey, focus group & interview results with graphs)
- Market Findings Analysis Report
- Final Question & Answer session
Purpose and Utilization of Deliverables –
The findings of the Market Validation Study serve multiple purposes. It is recommended that the client evaluate each deliverable to compare against its own assumptions and research findings. As part of the report, many clients use it as a final decision-making component.