Defining the Market Segment
Understanding the market segment and size is essential to making the investment of developing a product. Too many good products have lost money because their audience was just too small or the product was priced out of their reach. Initial research should determine who the customer is, how many of them are in the market, what is optimum pricing, and what are the most effective marketing and sales channels to reach the customer. Metric Lab uses mixed methodologies to gain this understanding, with an emphasis on quantitative approaches to get an accurate understanding of scale.