We developed the GrowthPilot MarketScout for two purposes: (1) to find new markets for your existing products, platforms, industrial byproducts or intellectual property portfolio, and (2) to find the best first markets for new technologies, materials, and chemicals emerging from your R&D work.
A MarketScout is a collaborative project that gives you visibility into a broad array markets that may be interested in the technology you already possess, winnows down the list to those with the most promise, and then delivers deep insights on those you deem most interesting.
The analysis always provides you with a view into the health and growth prospects of target markets, a look at your potential competitors, and—most important—insights derived from interviews with your potential customers as to whether your value proposition matters to the new market.
A MarketScout generally takes 90 days and requires minimal time from your team, typically four hours total. The output is a series of reports delivered at one-month intervals that present an array of potential markets that seem likely to have unmet needs your technology/material/product/byproduct/component could fill. As the process progresses, we select the most promising markets from each report (based on jointly developed criteria) and continue to gather deeper and deeper information about them. By the conclusion of the project you will have actionable information about each of the remaining markets including a real understanding of unmet needs, prospect contact information, market sizing, market growth rates, competing solutions, and willingness to pay.
- Find new markets for your existing products.
- Locate the best first market for a new-to-the-world invention emerging from R&D.
- Discover unmet needs in a variety of markets to guide R&D work or build-out a new technology platform.
- Find markets that may need your industrial byproducts.
A MarketScout consists of four phases:
- Discovery: Working together, we craft a Problem Statement that defines the goals and deliverables for the project and then host a kick-off meeting with your team. The goal is to gain an in-depth understanding of your product or IP and to understand your view of the potential value proposition for both markets currently served and markets where you believe it could be valuable. When we know what you know, we build on the work you have already done.
- Scan (30 days): At the Scan meeting, we present a brief, high-level summary of multiple markets that we believe have potential including market size, growth rates, and other factors (individual to each market) that may make it particularly attractive or problematic. We combine our research and market insights with your technical expertise to narrow the list to the markets that look best.
- Screen (30 days): At the Screen meeting, we present a deeper analysis of the markets chosen in the previous phase; the view of the markets becomes more nuanced as we bring in information from outside experts and provide a high-level look at both existing competitors and their technology. We jointly select those markets with the most potential to advance to the Vet phase.
- Vet Analysis (30-40 days): We deliver a ‘deep dive’ on the selected markets including interviews with potential customers, an analysis of your technology as compared to the technologies already in the market, and our view the effort required to effectively position your products in the space.
The final report serves as internal collateral, providing critical analysis to peers and colleagues without significant expenditure of time.