Process of a Tech Intrapreneur

Often, the success or failure of a new product or service depends on whether the company has correctly predicted how consumers will respond to it. Performing market research is a critical part of the process for tech intrapreneur, and can be done using tools such as surveys, focus groups, interviewing techniques, and user-experience (UX) analysis.

While some companies may get lucky without doing their research, doing it can help a company better connect with its target audience, reduce risks and losses, and grow. It can also give a business an advantage over its competition, as competitors will not be able to mimic the results of the same research.

Essentially, it’s the process of gathering data and information surrounding your company’s business opportunities. It can be conducted by a company itself or with the help of an outside agency. It can involve both primary and secondary research. Primary research gathers first-hand information. It can be exploratory or open-ended, or more structured and specific to a certain market. Typically, you’ll collect this information with paid research participants. This can include individuals who are recruited specifically for the purpose of taking a survey or partaking in a group study, as well as those who are chosen randomly and monetarily rewarded for their participation.

The Role of Market Research in the Process of a Tech Intrapreneur

The main benefits of market research include identifying consumer preferences, predicting future trends, and providing valuable insights that can guide a company’s strategy and tactics. This information can be used to create and test new products, identify potential threats or opportunities, and develop a competitive marketing plan.

In a world where culture shifts rapidly, businesses need to continually optimize the way they connect with consumers. To do so, they must understand their consumers’ purchasing behavior, advertising preferences, packaging needs, product features, and relevant messaging.

For example, a new company might discover that their consumers are dissatisfied with legacy brands and their offerings. In this case, they can draw on market research to identify key areas where they can appeal to the consumer, such as highlighting that their products are made by a trusted brand or provide an innovative solution to existing problems.

Additionally, a startup can use market research to determine how they can differentiate their product from competing solutions and attract investors. Investors place heavy importance on startups that have completed thorough market research and demonstrated that their product fills a genuine need. The information that market research can deliver will show investors that a startup is worth funding. It can also demonstrate that the startup has a strong team and will be able to successfully compete with established companies in its field. This can make it easier to raise capital and start the business. Lastly, it can inform how the startup plans to scale and grow in the future. It will be important to consider what kind of growth and revenue the business can expect to achieve, and how this relates to its investment and operating costs.