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How to conduct a market study?

17 September 2018 - 9:09

Market study research is one of the most important steps when launching a new project. Indeed, before doing anything else, you need to verify which potential users might be interested in using your solution (or product or service). This part of the process requires you to conduct a qualitative and quantitative validation of your target public.

What is a market study?

A market analysis is a study where you collect data to analyze your market in a rational, objective and non-emotional way. What are the needs of my customers, what are the market requirements, who are my competitors, is there a real market potential…? These are some of the basic questions you need to consider. The main objective of this exercise is to define the viability of your project whilst avoiding mobilizing significant financial and human resources and taking the risk of not being able to attract the necessary customers to recover at least the investment you made.

Our experts at lifetech.brussels can help you with the realization of your market study, more precisely by putting you in touch with the major players in the market, whether it are care providers, hospitals are other important stakeholders in the industry.

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