According to Forbes study,2016, 90% of the Startups Fail due to lack of validation of the target consumer before developing their product. The second reason for the same is inappropriate Market Research and Strategic Business Plan.
It is important to understand and note here that majorly the start-ups are driven by sheer emotions and needless to mention the passion behind the set up. But without the backing of adequate Data and in-depth research, any idea is bound to fail and go down the hill in no time. It is highly recommended by the successful Start-ups, which is remaining 10%, to comprehend the market and posterior their ideas with relevant market analysis reports.
With Plenteous and pertinent data mining and getting the feasibility plan and business plan in place, the right kick start can be given to your ideas most importantly in the right direction.
Is your Idea Feasible?
This includes 360 Degree Review- Covering All Nine Yards! In order to do the right feasibility study and have a fact-based Decision making, the right questions should be first asked by the consultants which will take the idea holder to the following outcomes:
-Define the purpose (Business Vision and Mission, Problem statement Narrative, Business Goal and Objectives)
-Measure the key success factors (Review Market Opportunity, Define Key Business Outcomes and establish Profit Targets)
– Analyze Business Model and furthermore prepare the Execution Map (Analyze Market & Competition, analyze profitability Model, Analyze the risk Factors, Create the business plan, recommend the ownership model and Review Funding Requirements)
Business Plan – A copy paste or a customized one? Strategy on the Canvas!
The riskiest part is trusting the erroneous people for developing a critical instrument which is the Business plan. The business plan should be the most customized document in the entire business life cycle. The components of a business plan can be broadly being segregated as:
-The statement of Purpose
-List of products or services Features to be offered to the market.
-Market Analysis Report (Market Share, Market & Customer Segments, Competitive Landscape, Market Opportunity, Sizing and where you fit)
-Management Team (Leadership Profile, Previous Success Stories, Experience of the team)
-Market Strategy (Marketing Affiliates, Brand Ambassadors, Campaign cost, ATL and BTL Strategy, Digital Marketing)
-SWOT Analysis (Advantages, Limitations, Opportunity exploitation, Threats)
-Financial Projections (Sales forecast, Cash flow Projections, Cost Projections, Income Projections, Break Even Analysis)
Getting your Market Research Tools Handy
The Market research tools used behind the primary research such as factor analysis, Cluster analysis, conjoint analysis etc. should be adequately analyzed and interpreted. Post the Launch of the product or services, the Marketing plan should be drafted which further shall be executed in an appropriate manner.
The right advise is the pre-requisite at various stages of the business life cycle.
Let us communicate and make your Idea into Reality!!
About the author
Shikha Syal is a seasoned Market Research and Management Consultant. She has over five years’ experience of managing end-to-end qualitative research projects in order to deliver actionable insight to clients. Her key strengths include ad-hoc project design, stakeholder engagement, moderation of focus groups and in-depth interviews, running co-creation workshops, ethnographic studies, and the use of a range of analytical skills including the application of behavioural economics principles. Her Clients are global B2B clients in the public and financial industry.However, she has also actively worked in sectors such as transport, healthcare and retail as well as with multi-market studies She is a blue Ocean Certified Strategist and an MBA Gold Medalist from SP Jain (a top Ranked Global Business School From Australia with Campuses in Dubai, Singapore and Sydney). You can directly get in touch with her to discuss business: P: +971528291871 E: Shikha.firstname.lastname@example.org