A comprehensive understanding of the market is the key for all business decisions. Before you launch a new product or service, you must ask yourself several key questions: Is there a market for your product? What is the size of that market and where does it go? What level of competition is waiting for you?
The best way to start new business is to identify the gap you would be able to fill in a particular market. The identification of such a gap requires not only your own assumptions based on gut feeling or experience in other markets. Very often, opinion based on personal perception or only on experience in other markets lead to the same result: failure. And there can be many reasons for that: absence of demand, too high a level of competition, wrong assessment of consumer trends, etc. Therefore, a thorough preparation for market entry or expansion is a key and very challenging task.
However, there is no universal approach that can be used to solve every pain before taking a business development decision. Therefore, good understanding of your business development pain and a selected market intelligence solution can reveal a real opportunity on which you can capitalize. Also, timely and properly done homework may save your investment allocation if a promising market appears less attractive after a deeper dive with market intelligence.
Opportunity assessment will help you to answer these questions:
- How big is the market?
- Who are they key players?
- Where would your product or service stand?
- What are the expected scenarios of market development?
- How does this market work?
- What is the opportunity?
- Is it worth entering the market? Why?