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Critical Steps in Market Feasibility Studies |
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We are often approached by entrepreneurs that have a patent on a product or are considering
building a facility for a specific purpose. In order to determine the feasibility of a
product or service, the entrepreneur needs to assess the marketplace to determine the likelihood of
success. Likewise, before outside investors will consider an investment opportunity, most want to
have an independent assessment of the estimated demand for the product or service.
Typically, there are three critical components to the market feasibility analysis
- Assessment of the industry
- Competitive analysis
- Feedback from prospective customers
Information for the industry assessment is typically available through various databases, several of
which require subscriptions. Industry trends, barriers to entry, key success factors, etc. are compiled to
provide a comprehensive picture of the dynamics of the industry. The second component of the feasibility
study is the competitive analysis. Determining the strengths and weakness of competitors can be extremely
useful in determining areas of vulnerability and provide insight on how you should position your product or service.
Lastly, feedback from prospective customers is usually done either by telephone or on line surveys.
By asking the right questions without bias, the survey can provide a wealth of information that will
provide insight regarding the marketability of the product, service or facility.
Once you have completed the market feasibility study you are left with a GO / NO GO decision.
Often times the decision to move forward is an easy one based on sound knowledge and analysis of the marketplace.
Armed with the market feasibility study you will be in a much better position to attract the investment capital
needed to launch the product or service.
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Jim Sauer, President, SPG.
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