Firstly I’d like to thank the team and also the myriad of friends, family and colleagues who have helped along the way which make the difference in successfully launching a new business off the ground. While passion and drive will get you so far, “Many hands make light work”.
Insights are designed to provide useful anecdotes, practical information and resources to innovative businesses seeking to grow their business by taking their new ideas to market and current ideas to new markets.
The Importance of Market Research – Behind the successful launch of any new idea is solid market research. “Why” you may ask? “When I have the best technology/new product in the world does marketing matter?” For numerous reasons and the landscape is littered with examples of high profile failures including, Starbucks in Australia, Sony Betamax vs VHS, New Coke, TAFE, that have failed due to this lack of “doing one’s homework”. Market research is important before, during and after product development to determine;
- If there is a customer need for your product/service
- What features/benefits customers want
- What customers value and how much they’ll pay
- What the potential market size is – How many customers may want your product
- Who are the competitors in the market and how will they affect your business
- If the idea has already been patented by a competitor
- What funding is available to assist me develop and take my product to market
Take home – Investment in quality market research is an investment in your businesses success.
Do your homework or engage gemaker to do it for you.
Commercialisation Australia grants are available for organisations taking new products to market and needing market research to be conducted