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Customer-Product Feasibility Study, Test hypothesis, Customer Insights…
Customer-Product Feasibility Study
Define Research Objectives
Key questions
Does this product solve a real problem?
Is it cost-effective for customers?
Does it fit into the current market trends?
Concept Statement & Survey Design
Write a concept statement for your product/service
Execution of the Study
Distribute Surveys
In person
Online
Define Target Audience and Segments
Conduct interviews with branching questions
Test hypothesis
Market demand
Customer segments
Competitor analysis
Product viability
Customer Insights Gathering Techniques
Data Detective
Use existing reports and data
Scientist
Run small-scale tests or prototypes
Anthropologist
Observe customer behaviors in real life
Journalist
Conduct interviews with structured questions
Survey Design
Collect demographic data
Ask about interest in the product and pain points
Gauge likelihood to buy
Data Collection & Analysis
Gather and analyze qualitative insights
Interviews
Customer Feedback
Usability Testing:
Recognize patterns in customer
Pains
Gains
Feedback
Collect and analyze quantitative data
Surveys
Social Media Analytics
Competitor Analysis
Feasibility Outcome
Analyze Results
Feasible
Unsure
Not Feasible
Refine
Value proposition
Service
Product
Suggest Improvements based on feedback
Tools
Survey and data analysis
Google Forms
Excel
SurveyMonkey
Mapping customer needs
Value Proposition Canvas
Empathy Mapping
Jobs to Be Done (JTBD)
Mind map creation
Coggle
MindMeister
XMind