Encore Services Market Opportunity Evaluation

Overall market and competitive information is critical to management’s ability to evaluate new investment opportunities or overall performance. Encore can help you determine the market opportunities for your product or service before launching via guidance from this effective process:

Market opportunity research is used when companies/ organizations are developing new products and/or services or are considering entering new markets. They use research to:

• Identify or validate new market opportunities
• Provide market size estimates
• Identify market requirements and barriers to entry

Market opportunity research typically explores the following dimensions:

• Existing market plans and unmet needs
• Market readiness to adopt the product or service
• Number and relative strengths and weaknesses of competitors
• Purchase cycles and history
• Willingness to invest or intent to buy
• Budget availability and source

Market opportunity research uses qualitative and quantitative approaches depending on the nature of the offer, the market being evaluated, and the stage of the evaluation process:

• In-depth interviews are used at the early stages of the evaluation process when there is a need for a broad exploration of potential
    opportunities.
• In-depth interviews are typically the most appropriate for very complex products and for gathering feedback from executives and/or key
    employees.
• Quantitative surveys are used further along the evaluation process when there is a need for concrete numbers for market sizing analyses or
    business case presentations.

The typical insights gained from market opportunity research include:

• Market sizing estimates
• Timeframe associated with the opportunity
• Hurdles and barriers to entering the market
• The nature of the marketing challenges, e.g. education or differentiation
• Adjustments required in the sales organization