Researcher, aks yourself these three questions before entering the market
In this article, we will zoom in on the first three questions to ask yourself before entering the market.
Suppose you are a researcher working on an impressive study and you want to translate it into an application in the market. Where do you start? In this article, we’ll zoom in on the first three questions you should ask yourself before entering the market:
- What problem are you solving, and who are you helping with that?;
- How does the specification of your solution look like?;
- What is the earnings model?
1. WHAT PROBLEM ARE YOU SOLVING (AND FOR WHOM)?
The first question you should ask yourself is: what problem does your invention solve and who does it help? Without a solution or target market, successful market entry is difficult.
- Look at the market where the problem occurs. What does it look like?
- Research for which people your solution could be applied – and how to reach this potential target group.
- Did you map this out? Make sure you write to the right people within your organization to present your solution. These individuals can ensure that your solution is implemented.
Do you have the answers to all these questions ready? Then you can get started on the next question!
2. HOW DOES YOUR SOLUTION WORK?
If you want to bring your research to the market, you need to know how your solution or invention works in practice. And there’s only one way to find out:
- Apply it. Develop a pilot, test, and improve.
- If your solution works, make sure you can show results. Does your solution provide cost savings, or does it contribute to sustainable goals? Then make this clear. Preferably with facts and calculations.
- Finally, it helps if you know your ‘unique selling points’ that give you a competitive edge. Compare your product or service with alternatives. What makes your solution better than someone else’s?
Do you know what problem you are solving and how the solution works? That’s a good start. But a solution must also have a benefit. This takes us to the next question:
3. HOW TO MAKE YOUR SOLUTION PROFITABLE?
Of course, it’s nice when people are positive about your solution. But you also have to ask yourself how you can set up a business model that is profitable.
- Start by completing a Business Model Canvas. This enables you to make your business model transparent for yourself and others;
- Think about how you market your solution. Is it a product, or a service? You can also think of servitization, marketing your product as a service;
- Research how big the market is. You always have to deal with differences by country, competition, and alternatives. So, think about what share your solution has.
You do not need to write your whole business model in stone, but do carefully consider the direction you want to take.
ARE YOU READY TO TAKE THE NEXT STEP?
Can you answer all the questions? Then you’re all set to take your research to market! Still, have some questions you don’t know the answers to? No problem. As long as you have an answer to the first question, then we can help you to the next step. For example, in our Bootcamp: The Enterpreneurial Researcher. This allows you to work with the Business Model Canvas. Prefer some sparring before you start? Then schedule a meeting with Business Developer Tim de Kraker.