Concept Validation/Business Model Development
Before getting a product into production and launching it to the marketplace it’s critical to determine its acceptability to the marketplace. Concept validation is a powerful market research methodology that enables you to do just that.
Whether you’ve just got the product vision for the design or a fully working prototype, Silicon Valley Research Group will put your concept in the hands of potentially users and systematically collect market data from qualitative and quantitative concept tests and provide empirical statistically valid insights and recommendation on the viability of your product concept. We will also build a "market simulator" that will enable your design & engineering teams assess the impact of various product decisions on the overall market potential of the product.
Our clients view Concept Validation as a real investment in their success rather than an expense. As the CEO of a recent client in the transportation technologies emailed us: "This is the most important tool I have given my engineering team. The only problem is they are playing with the market simulator as if it were Candy Crush, hope they are also getting the product built!"
Business Model Development
A stand-alone module that is frequently requested in conjunction with Concept Validation, Business Modeling It involves a thorough verification of our research findings against syndicated research data and competitor's technology roadmaps to provide a higher order forecasting tool for the business. The output is detailed five year revenue forecasts with key assumptions stated and proforma EBITDA projections. Our startup clients frequently use this output from our work to establish internal rate of returns and valuation for their potential investors. Established clients use the output for internal budget planning purposes. In both cases, however, business model development is a potent and powerful tool in developing business strategy.
Contact us for a complementary, no obligation consultation.