A feasibility study is a market research project aimed to determine the likelihood of success of a product, service, concept, or business. A feasibility study is typically made up of many different components and methodologies including potential in-depth interviews (IDIs), demographic analysis or market analysis, competitive analysis, quantitative surveys, and a demand estimate or prediction. The predictive model is built using a step-by-step approach which often compares market potential versus current penetration from competition.
A feasibility study is an up-front investment that can save a business thousands if not millions of dollars from launching a poor product or service. Although many studies commissioned through a feasibility study company like Drive Research are required for funding, an argument can be made to budget for feasibility-like studies in all R&D. Even if the product or service is a can't-miss, a feasibility study will identify features or benefits to help you best optimize the product or service when going to market.
As author Josh Weltman stated, "better is the opinion of the person buying the mousetrap, not the person building it." Feasibility studies should include Voice of Customer (VoC) where an effort is made to reach out to the potential audience(s) to gather feedback. This perspective is a must-have and will largely impact the success of your concept.
A comprehensive report completed by a feasibility study firm is the essence of what true market research is. It uses a compilation of data across many channels, using multiple methodologies to arrive at a straight-forward "green light" or "red light." Regardless on forecasted outcome, Drive Research will provide you with strategies and recommendations to increase the likelihood to success. Drive can also cater its report to match the requirements you need for your federal, state, or private financing.
Do you have any further questions or comments about feasibility studies? Email the founder and owner of Drive Research, George Kuhn at firstname.lastname@example.org. Feasibility studies have been completed for a number of different industries.