How to Screen a New Market Opportunity
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Your business needs to grow, but you don’t have all the money in the world. Here is a simple way to screen your opportunities, and prioritize which one(s) to invest in.
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How to Screen a New Market Opportunity
- 1. Copyright © 2014 Marketwerks, Inc. 1 Bob Sherlock Copyright © 2014 Marketwerks, Inc. How to Screen a New Market Opportunity
- 2. Copyright © 2014 Marketwerks, Inc. The challenge 2 Your business needs to grow. You don’t have all the $$ in the world You need a simple way to • Screen your opportunities • Prioritize which one(s) to invest in
- 3. Copyright © 2014 Marketwerks, Inc. Develop answers to 3 simple questions The Schrello Questions* 1. Is the opportunity real? 2. Can you win (be better than the customer’s alternatives)? 3. Will a win be worth the investment of effort and money? * Developed by Dominick M. ("Don") Schrello 3
- 4. Copyright © 2014 Marketwerks, Inc. Expanding the 3 questions 1. Is the opportunity real? a. Is the product or service feasible to produce? b. Is there evidence of customer demand? What’s the estimated size and growth of the market? 2. Can you win (vs. the customer’s alternatives)? a. Can your product or service be competitive? b. Can your company be competitive? 3. Will a win be worth the investment of effort and money? Estimating market size is often the difficult part… 4
- 5. Copyright © 2014 Marketwerks, Inc. First, look for existing information Free Standard Reports • U.S. Census Bureau • Statistics Canada • Trade association publications 5 1b. How Can You Find Estimates of Market Size & Growth? If the broad information you can get from these reports is sufficient, these are often the lowest cost options Paid Standard Reports B2B Products & Services • IBIS World • Frost & Sullivan Consumer Products • TraQline (durables) • IRI (packaged goods) • Nielsen (packaged goods)
- 6. Copyright © 2014 Marketwerks, Inc. Standard reports: Often of limited use • Information about small markets can be tough to get – Not enough demand to justify standard reports from the big companies – Some trade associations don’t collect industry statistics, or share them only with members Examples • Custom component and parts manufacturers – Precision machining, forging, casting, moldings, assemblies and kitting • Niche within a larger industry 6 1b. How Can You Find Estimates of Market Size & Growth?
- 7. Copyright © 2014 Marketwerks, Inc. Develop customized answers Marketwerks can address companies’ frustration with scarcity of data for smaller markets. We compile and interpret customized market info, and develop recommended strategies. More information is available at Marketwerks.com 7 1b. How Can You Find Estimates of Market Size & Growth?
- 8. Copyright © 2014 Marketwerks, Inc. Contact 8 Bob Sherlock President Marketwerks, Inc. 1900 E. Golf Rd. – Suite 950 Schaumburg, IL 60173 USA 847-382-6210 www.marketwerks.com Twitter: @marketwerks
Editor's Notes
- Look for existing information first. The U.S. Census Bureau and STATISTICS CANADA provide numerous free reports online that can give you a high-level picture of the market you’re interested in. If you find those information sources too broad to be useful, look next to published market studies from private sources such as IBIS World, Freedonia and Frost & Sullivan. If you serve a consumer products market, you can get highly detailed information from IRI and Nielsen for consumer packaged goods and The Stevenson Company for consumer durables sold home centers and other retail channels. If you can’t find much existing information (likely to be the case if you are looking for information on a niche industry, such as components manufacturing for original equipment manufacturers) you may need a custom research report developed for you.
- Such as custom component and parts manufacturers doing precision machining, forging, casting, assemblies and kitting, Speak to the frustration of finding out that it can be tough to find existing market data if you aren’t consumer packaged goods (link to IRI and Nielsen) or consumer durables sold through trackable channels such as _______ (refer to Stevenson). Can set up that we got into the business of providing better market info for niche markets, especially industrial components, parts and assemblies.
- Speak to the frustration of finding out that it can be tough to find existing market data if you aren’t consumer packaged goods