Market Intelligence: Vital for Favourable Outcomes of Commercialisation Projects
In some cases, the famous tagline of Nike, “Just do it”, doesn’t apply. In fact, when it comes to commercialising your innovative idea, the “Just do it” method is one factor that leads to 70 – 90% of commercialisation projects failing.
Access to market data, information and big data with timely, accurate and useful market intelligence has never been more readily available, and thus vital for a mid-tier business to undertake before commencing a commercialisation project. It is essential to be constantly validating the development of your innovation through the commercialisation roadmap.
What Market Intelligence Can Do
Market Intelligence provides you with insights to the market that your innovation may be commercialised to and help to identify the market you were perhaps contemplating is too cluttered and thus not likely to succeed (and potentially saving you a lot of expense, pain and tears).
Specific questions that can be answered are elements like:
- How big is the potential market?
- Where is the market? (local, regional, state, national and globally)
- What are the specific demographics? (age, population, income, gender, geographic etc.)
- What are the psychographics? (tastes, behaviours, likes, beliefs)
- What are the trends?
- Who are your potential competitors (even if your innovation is disruptive, we know that going up against incumbents will elicit a response of some sort and statistically, chances of winning are very low, less than 14%)
How Advivo Can Help
At Advivo Innovation Commercialisation Partners, we use data analysis to, firstly, identify whether whitespace opportunities exist in the area of your business focus. This provides us with a statistical analysis of what your customers want, need and value, and if there are competitors who already own that space (an indicator that penetrating this space will be difficult and lower your probability of success), or whether there is a gap in the market that provides a whitespace opportunity to enter and own.
We also have access to data from over 1000 global market research company’s data that provides more traditional market intelligence insights.
Utilising Market Intelligence in Risk Mitigation
In the early stages of contemplating a commercialisation project, it’s important to utilise market intelligence as a risk mitigation strategy. It is vital in providing confidence in the business case of whether to proceed or not and whether to invest money, human resources and opportunity cost. Years ago, this type of research was a major barrier to small and medium-sized enterprises, but not now.
If you are a medium size business and contemplating a commercialisation project, do not feel that you need to undertake your project moving blindly into the abyss; know that you too can access the market intelligence you need to make controlled, informed and data-driven decisions.
With a well-planned commercialisation roadmap, then we can “just do it” with confidence and purpose! (but still with minimum viable product and lean start up methodologies; see other articles).
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