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Market Research before product development… June 10, 2013

Posted by TelUS Consulting Services in CLEC catagory.
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When you’re on the hook to launch a new product or service, you need to answer a critical question: How many customers will buy it? It’s tempting to jump right in, assuming everyone will want your fantastic new offering. Its more tempting to jump right in when your sales team is telling you they need this product to sell. But before you put the resources of yourself and/or your company into building, marketing, and launching a product, it pays to research just how big the market is. Your gut feel may be directionally correct, but double-check it against hard data about potential customer groups. And don’t do this in a vacuum. Be sure to have an objective conversation with the people within your company as well as within the marketplace about exactly where this product will play and how big that market might be. Defining the specifics will help you clarify your product’s competitive advantage. Product viability research can save you and your company from making costly mistakes.

 

Joe Buck, NCE

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