The benefits of a quick market scan
Recently I completed a really interesting job for a client who has a great idea for a device and app. The client needed a market scan done by someone who doesn't have an emotional link to the idea. Budget and time frames were tight too.
Here's what I found out:
▪ My client needed to decide who their target user is, so they can narrow down what the most appropriate needs are. The device also needs to survive the "coolness" test for the users and purchasers.
▪ The overseas market leader is dictating the safety standards of these devices. This is a really smart move, as they get a design lead-time over others, and can position their product as the best in market.
▪ Crowdfunding for these devices is the primary source of money for product development and marketing overseas. Funds raised range from US$300,000 to US$1.2 million. This information gave my clients an indication of what is required to get their product off the ground.
▪ The initial shipments of competitor products have sold out, and there are waiting lists. This indicates a need for this product, and the premium price point isn't a barrier.
My client now has the information to make decisions on what to do next, and knowledge of how the market is working. Better to know now, rather than later.
