The best-laid plans prepare you for what to expect.
Understand the viability of a product or service to be prepared for what you can expect and how to create carefully mapped-out execution plans.
The idea of launching a new product can be challenging and comes with many risks. Market Research to understand the viability of a product or service becomes crucial to be prepared for what you can expect and how to create your execution plans accordingly. With Bizcon, assessing the actual market opportunity goes beyond giving the green light to your project. Through carefully mapped out plans, we conduct a discovery phase that gives honest results of how viable your idea is in the actual market conditions, along with suggestions that could prove to be a better fit considering your goals.
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Why do businesses need research?
Growing from ideation to an execution stage, product development gives life to your plans through a step-by-step journey. Here’s how your business will progress with product development.
Product Development is essential to gain a competitive edge in the market. However, effective market research and systemised product development can ensure that your product gives you the results you wish to see.
A good product development plan assesses the viability of your product before proceeding. This becomes important from a business perspective to avoid spending excessive costs and foreseeing the result beforehand. At Bizcon, we believe in giving honest insight into the research we do. Based on the market research, we also believe in sharing tips to improve the product to make it better suited for the industry. As your strategic partners, Bizcon will guide you through a structural process of turning your visions into reality in the most efficient way possible.
1
Explore Solutions
The success of a business relies on the problems that they solve and how well they solve them. The first step in assessing the viability of a business is identifying the problem that needs to be solved effectively. This step includes in-depth research on potential customers, the current state of the market and many other factors that rely on data to give a true representation of how well the product could perform.This step at Bizcon also involves providing tips on how to align the idea to better fit the current market need.2
Link the Findings to Numbers
While the solution that your business provides might be useful for a certain section of people, gauging the number of people your business could impact is essential to map the execution journey. This step helps you prepare to cater to the market needs while keeping your costs in check. From pricing to operational expenses, product development is incomplete without giving concrete numbers that build the execution plan.3
Idea to Concept
Once you have clarity on your idea and the details that it comprises, you can then generate the entire concept, which involves using creativity and a customer experience that will be easily receptive. The concept stage is when the idea is given a tangible vision that has the potential to reach the right audience and grow the business in the direction of the predefined goal. Before the final deployment stage, where the product is built, the concept is documented to look for any hiccups that can be addressed promptly.4
Viability Check
Even before the actual product is developed or designed, a preliminary viability check is essential. This viability tests the costs associated, the potential returns and other metrics that could come in the way of the product development or deployment. It is at this stage that businesses need to assess the risk and take the decision of how to proceed with the concept.5
Creating a roadmap
Once your product’s concept and viability are well structured, the next step is to build a step-by-step road map of how your product will be created or designed. Through effective product management techniques, you can distribute the development of your product based on the response you anticipate. For example, if you are creating an app that targets various aspects of the pharmaceutical industry, you can first start by offering lab tests and consultations online. Once you have enough users, you can move towards developing tie-ups with pharma companies to deliver medicines to patients as well.
6
Create your MVP (Minimum Viable Product)
The foundation product is called the MVP. This is the product with just the basic functionality. Typically, creating the MVP is part of the prototype phase, where you need to remove all the basic errors and risks out of the way before building on top of it. It is also a wonderful indicator of how well your product will be perceived by the customer in terms of user experience.
7
Launch the MVP
Once you’ve created the MVP, you can use experiments and create sample target groups to understand the response. This will help you better assess the marketing channels, pricing, sensitivity to packaging, etc., from a more practical and real-time perspective. This will lead to generating integral feedback, including suggestions and complaints, that can be incorporated into the strategies going forward.
8
Keep updating the development strategy
One of the most crucial elements of developing a product is to continue to test the waters and perform research that will give actionable insights on how to improve the product. Before its launch, giving the most up-to-date and well-developed product that is ready for all the risks and challenges will ensure a smooth launch journey and long-term success of the business.Read Our Case Studies
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Case Study Assisted wealth management company in market assessment and product development The company was planning to launch a digital bank providing banking and investing services. […]Streamlined business processes and secured sustainable market penetration
Streamlined business processes and secured sustainable market penetration The client was an early-stage e-commerce platform fromKSA selling premium sneakers to millennials and gen Z. Situation The […]
Your goals are our priority and we weave this into all our engagements.
With a powerful mix of research and consulting capabilities, we partner to contribute towards the growth of your business by turning market insights into purpose-driven strategies.
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