Opportunity sizing – providing an evidence base for a start-up
A tech start-up wanted to quantify the opportunity for an automated parcel collection and return point for retail purchases. They were looking for a quick turnaround project with rigour to demonstrate market understanding to potential investors.
We wanted to get the views of the potential target audience for the service, but also to understand the size of this audience in order to provide an accurate market sizing of the opportunity. To do this, we targeted a nationally representative sample and identified the subgroup within this who qualified as the potential target audience for the wider survey.
The research focussed on:
– Existing relevant behaviours to determine market need for the service, potential retail partners to approach and potential watchouts around the need to create behavioural change
– Pain points in the current delivery and returns process to ensure the service would genuinely improve the supply chain
– Proposition testing to gauge comprehension, appeal and likelihood to use the service, allowing the market and core target audience to be sized and to identify appealing elements, core benefits and differentiators
The findings were used to inform the strategic development of the service, investor conversations and discussions with retailers.