Lean research & customer validation for innovation teams
Great! You have the ideas but you realize you only know that much. More specifically, you don’t really know whether customers will also like that fantastic idea you have. If yes, which customer exactly? Is the market potential of that customer segment high enough? Is the market crowded for your solution or do you see a clear gap? Will a customer be willing to pay for your solution? And we can go on like that…There are so many things to figure out and you will need to start gathering some data to make choices.
You know it is time to listen to the voice of the customer, to scan different target markets, to better understand the markets in which you may want to operate. And yet, you avoid it due to the three "common traps" associated with research to validate innovation ideas:
Research consumes too many resources
Research will slow us down
Research is not well aligned with our needs
Market research to validate innovation ideas typically requires intensive resources, which often leads to insufficient research being done or research being done too late.
Starting a research project to validate our ideas/MVPs will cost us valuable time. We need to move faster than that to market, even if at higher risk.
The type of insights and results we get are often not very actionable. We will get a “dump” of data or report, but will gain few insights we can use to strengthen our business cases.
Lean research: Learn more, faster and with fewer resources
Through lean research, we will help you uncover the right insights you need for your specific innovations. To do so, our team starts by immersing itself in your projects. Once well-grounded on your projects and goals, our teams help you with targeted, smart & lean research that maximizes insights and speed, while minimizing costs. We achieve this by avoiding costly primary data collection (e.g., interviews, focus groups, surveys…) unless strictly needed. Instead, we leverage an astonishingly rich range of data sources and the innate skills of our team in critically analyzing and combining data. Examples of smart & lean usage of secondary data include target market scanning, competitive analysis, benchmarking studies, … Importantly, we do not "dump" data on you. Instead, we think with you and extract the insights you need to improve the business case for your innovations. This does not mean we build the case for you (because we sincerely believe you can do that yourselves), but we will make sure you have insights about customers, competitors, the market, and business model, which will, in turn, increase its chance of success.
Three pillars of MTI²'s lean research
Answering the right questions, with the right data at the right time
In our lean research, we stay focused on the most important questions to ensure the progress and success of your innovation projects.
For instance, among others, we have examined these questions with our clients:
Can you help me identify the key competitors for my innovation?
Which business models could we use for this offering? Which had higher success?
Can you benchmark best practices within and outside my industry?
What would be a realistic estimate for the market size for my innovation? How may it grow over time?
How should I price my innovation?
What experiments or pilot tests should I do first/next?
How is or will customer behavior change?
How will lean research help you and your innovation teams?
Your innovation teams will have a clear research plan built together with our researchers
Your teams can make the right choices based on our insights
Your innovation team will get customer and market insights delivered to them which are relevant for the innovations they want to launch (no "data dump" and no generalist market studies)
You will be sure that your innovation product/service has features that potential customers value and are willing to pay for them
Your management will feel more confident and committed to the teams' evidence-based decisions (because they will see clear evidence of customer interest)