Gather information on products or services that could serve as a substitute for your proposed product. How does the proposed product compare? For example, in the biomedical industry, how does it compare in terms of mortality, morbidity, or consumption of other health care resources?
Gather information on the industry. Include, the risks and obstacles specific to this particular industry.
Market and Interest (Customer Discovery):
Gather information on the product-market fit. Get to know potential customers and their interest in the product.
- Know your customer
- How large is the market?
- Learn the value proposition, which is the value being created and includes:
- The customer’s need or problem.
- What your product offers, its benefits.
- How those benefits solve the customer’s need or problem.
- Why your solution and delivery is the preferred one.
- What are the incentives for adoption of your product? Understand the potential customers’ “pain points,” which would lead them to use your product. These may be economic, patient quality of life, ability to deliver care, or others.
What is Industry Value Chain Analysis? By William Cochran. Market Research Blog. 10/30/2019
Gather information on firms that could be your suppliers. Describe categories of supplies, challenges involved, and solutions. For example, is there a critical supply with limited alternatives? Some researchers have developed a supply they need themselves and then if not used, marketed that as a source of revenue to develop the original idea.
Gather information on competitors and potential competitors. How much of the potential market do they have? What are your differences? There is always some competition, direct or indirect, even if it is just the inertia of doing business as usual.
Learn regulatory requirements unique to your particular area of life sciences, such as healthcare/pharmaceuticals, genetic engineering, bioinformatics, or food innovations. Learn the likely time and costs involved in meeting these requirements. Courses are available online (Example course on BioTechnology Regulatory Compliance). Three agencies oversee many of these regulations:
Resources on Market Research
Market Research and Competitive Analysis – U.S. Small Business Administration
25 Useful Market Research Resources to Check Out – Market Research Blog by Sara Schmidt 12/5/2018. MarketResearch.com
How to Use the Customer Discovery Process [Complete Guide] Blog by Taras T. for Geniusee (Software product development site). 9/10/2021.
Health Focused Customer Discovery – Blog by ULP University Lab Partners. 10/2/2020