Market Validation. Summary Stage 1:Validation of Market Opportunity Stage 2:Selection of Target...
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Transcript of Market Validation. Summary Stage 1:Validation of Market Opportunity Stage 2:Selection of Target...
Summary
Stage 1: Validation of Market Opportunity
Stage 2: Selection of Target Market Segments
Stage 3: Detailed Market Segment Analysis
Stage 4: Define the Customer Value Proposition
Stage 5: Validation of Sales and Marketing Plan
Stage 6: Market Testing
Stage 1: Validation of Market Opportunity
Objectives
Validation of Customer Requirements Requirements as perceived by customer? Are alternative options adequate?
Measurement of Market Readiness evidence of market acceptance? evidence of change from current solutions? It this an early adopter market?
Competitive Analysis Access to cost effective distribution?
Stage 1: Validation of Market Opportunity
Methodology
Primary and Secondary Research Interviews with Qualified Prospects and Industry experts. Sample of adequate size Secondary Research focus on sector v global information.
Questionnaire / Information Requirements clearly defined / relevant
Skills Required assistance of experienced sales and marketing specialists
Stage 2: Selection of Target Market Segments
Target Market Segments defined by product/service customer profile geographic location other relevant criteria
Stage 2: Selection of Target Market Segments
Criteria the market environment company resources/capability ROI
Customer Demand, Market Readiness Competitive Environment, access cost effective
distribution Skills Required
experienced marketing and business planning specialists.
Stage 3: Detailed Market Segment Analysis
Objectives to further validate the market opportunity; develop a ‘Value Proposition’ identify potential reference sites; information required for Sales and Marketing plan.
Methodology: interviews with 10-20 qualified prospects in each market segment
Skills Required assistance of experienced Sales, Market Research /
Business Planning specialists
Stage 4: Develop a Customer Value Proposition
Required for effective messaging
Skills Required assistance of an experienced sales specialist
Stage 5: Sales and Marketing Plan
Pricing Model
Determine pricing model by: benchmarking against similar products; customer testing.
Skills Required experienced sales specialist
Stage 5: Sales and Marketing Plan
Selling Process
Defining the process method and cost of lead generation; prospect conversion rates conversion lead times.
Selling Costs cost of achieving an average sale for each target market
segment. Skills Required
experienced sales specialist
Stage 5: Sales and Marketing Plan
Sales Forecasts
completed for the first three years of operation;
provided by value and by number of units for each Target Market Segment;
supported by prospecting, lead time, conversion and costing schedules.