The principal means to understand an emerging market is to speak with people familiar with the changes that are taking place in the market and piece together a larger view of future market conditions. In many new markets there are only a handful — 50 to 100 — people familiar enough with the technology to describe how receptive customers may be. Learning obtained through expert interviews provides valuable input when trying to form the big picture of how valuable the technology is and its potential impact on the market. Expert interviews provide insight into the overall opportunity, market size, strength of the value proposition, who the buyers are, what will drive purchases, which are the most important market segments and how long will it take for changes to come about.
Market Opportunity Analysis — MOA
The Market Opportunity Analysis helps organize input on fast changing markets. As the fact base for a new market grows, the opportunities for growth are more evident. The Market Opportunity Analysis helps guide strategic decision making starting with the choice of whether to enter a new market and, if so, what resources will be needed to gain market share. Traditional research instruments like focus groups and polling cannot tell you very much about how early markets are growing. That’s because the typical respondent to a poll or a participant in a focus group, while generally knowledgeable about the subject may not yet have been exposed to the latest technologies. Consequently, to learn how a new technology may potentially disrupt a market segment, it’s necessary to build the fact base through interactions with individuals closer to the opportunities — we call these individuals Experts.
IRG uses a combination of “Expert Interviews” and an in-depth understanding of the technology to understand rapidly changing markets. In the very early stages only a few people understand the potential impact a new product might have within a category (we call these people “Experts” because they understand the technology as well as the business justification which can drive adoption. Our “secret sauce” involves identifying key individuals who have experience with the technology and discussions with these experts to understand the demand drivers and obstacles.
Getting It Right The First Time
Getting It Right The First Time – Our book — “Getting It Right The First Time” outlines the process of using expert based market research to help guide strategic decision making in order to determine what the key market segments are, the profiles of the most interesting use cases, the future product roadmap, identification of the buyers and influencers and the most effective positioning.