Market readiness research is the process by which a company or organisation ensures that their product is ready to be launched in the marketplace. This process often involves interviewing potential users to see if the product solves a specific user need, or whether the product will help users become more efficient at task.
Market readiness research helps organisations answer the following questions, among others:
- Is my product or service validated and ready for market release?
- Is my product or service still relevant in the market? If not, what adjustments need to be made?
- Does my product or service still have the same value it had when we performed our Concept Test?
Quantitative vs. qualitative market readiness research
Quantitative Market Readiness
Quantitative market readiness research has less to do with determining the value of your product and more to do with analysing numerical aspects, including promotions, pricing, and product focus metrics. This type of research often employs measurement tools like surveys or analytics to gather this type of data and related data about buyers who might use your product.
Qualitative methods are best suited to address how or why to fix an issue, while quantitative methods are best suited to questions that answer “how many” or “how much”.
Qualitative Market Readiness
Qualitative market readiness research must begin with a market landscape evaluation. This means determining where your product fits in the marketplace as a whole. What are its strengths, weaknesses, and opportunities? Is there a competitor in the space? Studying these aspects beforehand will make you much better prepared for successful entry into the market. Other qualitative market readiness efforts involve opportunity assessment, product feasibility, potential market receptiveness to your product, and other relevant research questions.