How to leverage Market Intelligence
for your startup market validation and positioning
While it's clear that the success of your business stems in large part from a good idea, conducting market research is an essential step in your project's strategic planning and validation.
That's especially true today as search engines (the de facto tool when searching the web) can bring up a wide range of incomplete, outdated or even erroneous data.
In addition, and as tempting as it may seem, investing heavily in R&D to develop your competitive advantage will not guarantee that your innovation will find buyers if you only have a partial understanding of the target market and customers or of the commercial, technological, legal and socio-political risks that you might be faced with.
Why it's important to validate your market in an innovation context
That's precisely why startups that develop new technological products or services need to rely on concrete data to confirm market attractiveness, fine-tune their offer and ultimately ensure the long-term viability of their project.
Besides, a solid business model, backed up with facts and in-depth analysis will provide better chances of convincing potential investors, bankers, partners or suppliers…
A market research will enable you to :
validate market demand, based on potential customers and users' profiles and behaviors (purchasing habits/process, needs, preferences, motivations and deterrents, etc.) through primary data as well as individual surveys
confirm the size of your market and determine various segments: typical clients, economic potential, key features, competition and positioning
establish the strengths and weaknesses of the company and its technological innovation, both on a technical and commercial level, for each of the market segments identified
identify and define potential applications of your technological innovation
validate your value proposition
establish the foundations of your marketing strategy
Heyday has developed an AI-powered automated chat assistant that can answer questions from internet users. The tool allows retail stores such as Decathlon, Simons and Danone to boost their sales, one conversation at a time, by enabling consumers who trust their brands to reach them through interactive messaging at all times.
The recent studies, including some from Frost and Sullivan and Markets & Markets, that we consulted throughout the process, gave us a better understanding of the market trends and dynamics and enabled us to identify our main competitors.
The validation process was therefore critical in helping us position our solution relative to the competition and in offering business recommendations for the future expansion of our company.
- Steve Desjarlais, CEO and co-founder
Propelling Your Business Forward Through Market Studies
Thanks to its partnership with MaRS Discovery District (one of the largest urban innovation hubs that is based in Toronto), CEIM has access to a large library of studies, reports and databases (i.e: Bloomberg Intelligence, Euromonitor, Frost & Sullivan, Gartner) that cover most industrial sectors and that are often essential for your market validations.
MaRS Market Intelligence services are extremely useful when researching the data and trends that are required for market validation. These data serve as a basis for our analyses that are supplemented by validation with potential users and consideration of other factors that might influence the business potential and positioning. The CEIM team is familiar with this type of work.
- Serge Bourassa, President et Chief Operating Officer