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The Importance of Market Research to Innovation

Date: Thursday 7th July
Time: 9.15am to 1.30pm (includes networking lunch)
Venue: Energus,  Blackwood Road, Lillyhall, Workington, CA14 4JW

This half-day event explores the importance of market research for successful innovation.    We will be asking why many start-up companies survive and how to minimise the risk of business failure.  We will explore the importance of early-stage market research and how this can inform the development of new services and products that truly meet your customer needs.

Exploring the need for market-centric innovation – for both established companies and start-ups.

Established companies are experts at refining their product, which means they can miss new opportunities. This is where start-ups come in, but most start-ups are designed around the founder’s idea or passion-  only when it’s too late do they realise that there is no market for their product.

Product-market fit: changing your product and finding your market.

PMF is making sure there is a sustainable market for your product. It can only be achieved by understanding your market. But it’s a process rather than an outcome. And it needs the company to correctly understand the data from the market research – you often need to design your product or route-to-market to get that market data.

Jobs-To-Be-Done theory: understanding your customers deeply so you can get product-market fit.

This is used by some of the world’s most successful companies. It’s a technique of designing, conducting and analysing market research to find out what your customers want – even when they don’t know themselves. It is therefore ideal for finding new sources of value and new markets  – e.g., how deep research of why people buy McDonald’s milkshakes led to a 7-times increase in sales,

False signals and the Chasm: research your market even when you think you’ve cracked it.

Why the initial stages of market research and growth can mislead you later: the case for continual market research through all stages of growth.

Book your place: https://www.eventbrite.co.uk/e/the-importance-of-market-research-to-innovation-registration-367440453287

The event is suitable for innovative start-ups and established Cumbrian SMEs.  ERDF eligibility requirements apply

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