Market potential: from seed to apple pie
As a marketer, you actually work a bit like a farmer and a cook at the same time. You plant a seed, then harvest the fruit and develop it into an attractive product. Blauw divides this process into three clear steps. Step 1, concept creation, we discussed in a previous article. Step 2 is choosing a concept with potential. How much business potential does the seed you planted in Step 1 have to grow into a fruitful apple tree?
The first step has been taken.(Read the blog about step 1 here) The product idea has been sharpened and written out as a clear concept. It is time for step 2: a thorough quantitative research that - eventually - forms the basis for a business case.
Concept with potential
The seed has been planted and is in the process of germinating into an apple tree. Is the product idea strong enough to grow on? Will it manage to hold its own among all the other fruit trees? Blauw examines in two different ways how much business potential a concept carries. Two ways concept research:
Concept Screening study: multiple concepts are briefly tested, revealing the most promising concept.
Market Potential research: one concept is assessed and analyzed in depth.
Which plant has the most potential?
Paying attention to hopeless concepts is like letting weeds proliferate among the most beautiful and fruitful fruit trees. It hinders the growth of promising concepts ánd you lose valuable time. Through research, all concepts are assessed on the same KPIs, after which you as a marketer make a well-considered choice with which crop you want to continue. So you quickly weed out the weeds, leaving you more time and focus on product concepts with the most growth potential.
Case Müller: We tested a dozen concepts for Müller, an international dairy provider in the Netherlands primarily known for the Almhof brand. Existing concepts that had already proven themselves in other countries, but in modified form could possibly be added to the Dutch assortment. Based on the research, Müller made an informed choice, and it also became clear which target group was particularly interested in a particular concept.
On to a profitable product
The basis of concept research is usually asking consumers whether they intend to purchase the product or service. Purchase intent, however, does not guarantee a successful launch. For continued success, it is important that your product idea actually addresses a need. That means there must be a match with the insights uncovered in step 1. Moreover, those insights must be recognizable and truly perceived as a problem. In farmer's terms, Market Potential research reveals whether a concept develops enough roots to grow firmly in the breeding ground. Because that is necessary to continue reaping the benefits in the long term.
Case Uitgekookt: Uitgekookt is a leading provider of fresh ready-to-eat meals at home. Traditionally, this is a service used by many elderly people, a kind of table-service. In today's market, having food delivered has become more prevalent and this presents opportunities for Uitgekookt as well. The Market Potential research has pointed out new promising target groups and also the hooks to which this new target group (in short: young people) feels addressed. Indeed, with the young, Uitgekookt solves a different problem than with the elderly.
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