Research framework to find a gap in the market

2021 is time to grow.

  • You know your markets and your business better than anyone.
  • Is 2021 the year to do something original?
  • Look over the horizon to find market gaps.
  • Look even further to find opportunities for innovation.

5-stage research plan to find the unfindable in 2021

 

 

 

 

 

 

1.      Review your capabilities

You need to know your capabilities. These aren’t necessarily limitations, but you need to know what skills gaps you have.

Make a candid review of strengths and weaknesses in relation to your products and markets.

Cover all aspects of manufacturing / supply / sales & marketing / pricing / support etc

Where do you need more / better capabilities?

This is not set in stone. Revisit throughout the research process as you identify new things you need to do.

 

2.      Macro research – map your markets

Make a structured analysis of your market, products and competitors. Create one or more intuitive ANSOFF matrices or something similar.

Use desk research and internal brainstorming.

Think about how you want to analyze your market: revenue, market size, growth potential, geography, hard vs easy,

innovation, competition, etc

Create different versions.

Ask: Where are there gaps? Why are those gaps there?

 

3.      Innovation and unmet needs

You need input from the market – what do customers want, and need. This means research – surveys, focus groups, interviews.

Really dig into what customers want, what problems they have that are not yet met.

What is driving those needs?

What do current solutions not do?

And, how are these needs evolving?

Pick a range of ideas.

Set up Tiger Teams to develop them.

Revisit capabilities and cross check. What capabilities are you missing?

 

4.      Finding the unfindable

Now the hard bit. How to find a need that customers don’t know they have? Its research again, but a bit different.

Define sets of interesting customers (what makes them different?)

With some, create in-depth one to one discussions that focus on context, and background.

With others, design innovation workshops around a set of themes related to your product capabilities.

Allow respondents to create ideas, to create a spark.

 

Pick a range of ideas. Set up Tiger Teams to run with them again.

Revisit capabilities and cross check. What capabilities are you missing?

5.      Check and check again

Look at everything you have learned. Analyse and review, and prioritise. Repeat.

Feed your preferred ideas into qualitative research to unpick and refine them.

Use research to find uptake triggers and barriers.

Quantify these new opportunities, develop a high level development strategy for each.

Take a decision!

 

Do you need help with Market Research in Cambodia? Contact us now: vuthy@mrtsconsulting.com

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