A NewtonX market feasibility study enables you to make an informed decision about entering a new B2B market. Your custom findings help you understand the competitive landscape, regulatory environment, demand, current and future valuation, growth potential, and profitability.
As part of your market opportunity analysis and research strategy, NewtonX experts will determine the best types of market feasibility analysis for your business. This includes elements like:
There are two main reasons for initiating a market feasibility study:
Without solid market feasibility analysis, you’re going in blind. Nobody wants to waste investment and effort in entering a new market that doesn’t deliver enough opportunity.
Having a market feasibility study research partner means that you don’t need to worry about the complexities of the market, finding the right professional minds, language barriers, and navigating cultural considerations. Our NewtonX Knowledge Graph custom recruits from 1.1 billion professionals, in 140 industries across the globe. This gives you the 100% verified data you need to develop successful market entry strategies that align with your objectives and resources.
Our technology reaches across 140+ industries to give you the scale of a panel combined with the depth of an expert network.
A market feasibility study is a crucial step in the business planning process, offering a comprehensive understanding of the potential market for a product or service. This strategic analysis involves assessing economic viability, identifying risks, and providing valuable insights to guide decision-making. Here are key benefits that make market feasibility studies an indispensable tool for businesses:
Gain insights into the target market, understanding customer needs and preferences to tailor products or services effectively.
Evaluate the economic viability of the venture by anticipating costs, projecting revenues, and assessing potential returns on investment.
Identify potential obstacles and risks, enabling proactive development of strategies to mitigate challenges.
Serve as a strategic planning tool, providing valuable data for informed decision-making.
Minimize risks, maximize opportunities, and reduce the likelihood of costly mistakes.
Enhance the overall chances of a successful market entry through informed decision-making.
A market feasibility study involves a comprehensive examination of various factors and components to provide a thorough understanding of the market landscape. Each of these components contributes to a holistic understanding of the market feasibility, guiding businesses in making informed decisions and increasing the likelihood of success. Key elements include:
Assess the current market conditions, size, and trends. Understand the demand for the product or service and identify potential competitors.
Define and profile the target audience. Understand their preferences, needs, and behaviors to tailor offerings effectively.
Examine the regulatory landscape to understand legal requirements, permits, and any potential hurdles that may affect market entry.
Evaluate economic conditions, including GDP growth, inflation rates, and overall economic stability that may impact business operations.
Analyze the technological requirements and advancements needed for the product or service, ensuring alignment with industry standards.
Assess the practicality of implementing the business plan, considering logistics, resources, and operational processes.
Conduct a thorough financial analysis, including cost projections, revenue forecasts, and return on investment (ROI) calculations.
Identify potential risks and challenges, both internal and external, and develop strategies to mitigate or address them.
Understand the competitive landscape by analyzing existing competitors, their strengths, weaknesses, and market positioning.
Perform a SWOT analysis to evaluate internal strengths and weaknesses, as well as external opportunities and threats.
Provide conclusive recommendations based on the findings, indicating the feasibility and viability of entering the target market.
The best B2B market research methods depend on the business problem you are trying to solve. These four types of market research each deliver specific benefits, and each has drawbacks. Understanding these will help you
How to do market size analysis for product market fit.
Asking market-sizing questions is part of the process of estimating the potential size of a market for a product or service. This information is vital in your go-to-market planning.
NewtonX is the only B2B research company that connects researchers with the exact professionals required to solve any problem.
