Our Rochester market research company often refers to feasibility studies as the crystal ball of new business ventures.
Are you thinking of opening a new office space in a new location?
Do you have a great idea or concept for a business?
Is there a new product or service you are thinking of developing?
While a new location may seem like a perfect fit for your business or you may think your new concept is filling a gap in the market – it is never good to assume.
It is necessary to determine what strengths and weaknesses are likely to arise from each new business venture.
While Drive Research – a feasibility study company serving the Rochester, New York community – can’t 100% predict the future, we can provide the insight you need to make data-driven business decisions.
Why Feasibility Studies?
A feasibility study with our Rochester market research firm is crafted to understand the potential advantages and disadvantages of developing a new concept coming to the market.
Our feasibility studies company focuses on a hybrid approach of both qualitative and quantitative research to provide statistically reliable results.
This general overview allows business owners and managers to see an objective view of their business's current situation and growth areas.
Feasibility studies are a great marketing research methodology for meeting consumer demands, filling gaps in the marketplace, and generating new ideas for strategic changes.
Approach to Feasibility Studies
There are three featured components recommended by our Rochester feasibility firm.
- First, Drive Research evaluates syndicated research and demographic data to understand changing target populations and marketing supply.
- Next, our team conducts a competitive assessment. This helps evaluate similar competitors in your market to see what gaps are still in the market and how you can solve those.
- Lastly, the third component for our Rochester feasibility study company is a market survey. This component highlights the appeal, barriers, and expected usage of your business concept.
Working with our Rochester Feasibility Studies Company
Drive Research follows a streamlined, yet hands-on approach to all of our market research projects. Our experts don’t just hand off charts and graphs to leave your team to interpret them on your own.
Instead, our Upstate New York market research company offers a level of interpretation and recommendations with our data.
Starting a new business venture or opening a new site location should not be a decision made lightly. Drive Research will help provide the data you need to either support your decision or choose a different avenue.
While we treat each client and each project differently, here is a general breakdown of the process by working with our Rochester feasibility studies agency.
- Introduction. A member of our marketing research company will speak with you by phone or by email to discuss the general inquires of your project.
- Proposal. Shortly after speaking, Drive Research will create a custom proposal and scope of work for your feasibility study.
- Kick-off. Upon a signed agreement, your dedicated project team will schedule a 30-60 minute project kick-off call to dive deeper into your project objectives, goals, and criteria.
- Workplan. 24-hours after the project kickoff, our Rochester feasibility studies company will send a project workplan outlining each of the timeline and deliverables of each component.
- Fieldwork. Fieldwork will depend on which components you’ve selected for your feasibility study.
- Report. At the end of each component, your team will receive an in-depth, yet comprehensive market research report.
- Analysis. After your team has had time to review the report, our feasibility studies company will meet again to walk through the final report and offer our final recommendations.
What is Included in a Feasibility Studies Report?
A Rochester feasibility study company like Drive Research provides your team with the data it needs to determine the likelihood of success or failure of your new venture.
Our feasibility study agency report combines insights from multiple data sources to illustrate a comprehensive overview. This generally includes an executive summary of key findings and a breakdown of question by question results.
Going one step further, Drive Research also provides key recommendations for strategic improvements in your custom feasibility study report.
How Much Do Feasibility Studies Cost?
Our feasibility studies offer an effective yet affordable service for businesses located in Rochester and surrounding areas.
However, with several moving components of a feasibility study, it is difficult to provide a definitive price range for this type of marketing research.
By learning more about your project objectives, needs, and expectations, our feasibility studies company can provide a clear scope of work to meet your specific criteria.
Here are other helpful resources and case studies of past feasibility studies executed by our market research company:
- Case Study: Land Use Feasibility Study in Upstate New York
- Case Study: Apartment Feasibility Study
- Blog: 6 Tips for Predictive Analytics | Feasibility Studies Company
- Blog: 5 Components of an Apartment Feasibility Study
- Case Study: Feasibility Study for Condos