Is there a market for my new product? Is the pricing right? What’s the minimum viable proposition?
Before making the big decisions on whether to invest in developing a new product or service and take it to market, you’ll want to establish some hard facts… is there a customer need, what are people willing to pay, is there any threat of substitute products, what does the supply chain look like and how easy would it be for new entrants to copy your idea?
With this information, you can understand potential risks and take steps to reduce those risks to the point where you have a viable product or service.
“After signing a non-disclosure agreement, PFA put together a focused set of questions, which specifically allowed us to test the market without releasing specific details of my innovation. This protected my I.P. while enabling us to quantify market areas for the new product and to identify target customer segments. PFA clearly laid out the resultant information gained based upon astute interpretation of the research."