The purpose of a market research study is to evaluate the opportunity and the feasibility of a project. Based on the conclusions of the market research study, there are two possible choices: Go or No-Go. No-Go = abandon the project? Not necessarily. No-Go is all about the art of reorienting a project.
Go / No-Go: Two possible outcomes for a market research study
A valuable decision-making tool, the market research study may result in a Go, signaling a good opportunity and great potential for the market, or in No-Go, meaning that the risk outweighs the opportunity.
The No-Go, or how to reorient your project
Has your study resulted in a No-Go? Don’t panic! The worst thing you could have done would have been to charge in without understanding the risks. A No-Go is simply a single step closer to success if you reorient your project correctly…
Readjusting the project as needed
How did people respond to your market research study? During this reassessment phase, you need to examine your study in detail and identify the sticking points. Is the product itself the problem? Was the target poorly selected? Was the message unclear? Was the competition too strong? Once you’ve identified the problems, think them over and see what you and your team can do to overcome them.
Think of new fields of applications
Your innovation might be of use in other sectors and be useful for different purposes. Finding new fields of application requires good technical knowledge of your innovation and a strong general knowledge. Remember, the first medical lasers were used to treat vascular malformation. 30 years later, the laser is known for its use in plastic surgery for smoothing out wrinkles and marks of ageing.
Try a new territory
Are routes into the national market proving too difficult? What about overseas? Automated studies can help you quickly gage the market potential of an innovation overseas. Why not give it a try?
Invest in other projects
Despite all your determination and effort, your innovation hasn’t been received favorably. There’s no point in investing more time or money. It’s time for you and your teams to put this project aside and remember only the good points and lessons learned. Direct your resources towards other innovations with greater commercial potential. This is being resilient.
It can’t be said enough: No-Go is NOT a failure. Instead, it’s a proof of your ability to accept reality. Paradoxically, the earlier it occurs in a project, the more time you save. Today, all you need is a few weeks to carry out a market research study at an affordable price and get chance on your side. Good luck!