Q3MA: The Quick Market Test
Entrepreneurs and Venture Capitalists: Pre-Test the Deep and Turbulent Waters Where You Want to Swim — with E-RM‘s Quick Market Test
For those of you with a gleam in your eye for that great idea you want to take to market, this news is for you. Whether it’s “your baby” (you’re an entrepreneur) or one of many funding requests on your docket (you’re a VC), now you can dip your toe(s) in the water and get a quick, nationwide market reading to help with those critical funding and priority decisions.
But no, this is NOT a quick, one-question web poll that tallies “Yea” or “Nay” on a burgeoning idea. Instead, E-RM has developed a handy, potent and professionally designed survey tool that, yes, will give you the “Yea”s and “Nay”s, but we’re much more granular than that. It will also deftly diagnose the potential of your new product idea, giving guidance on where it falls short (if it does), or on how big this opportunity really is. Maybe it’s much bigger than even you think it is.
Quick Market Test: Metrics and Concept Diagnostics
There are certainly sharing communities online for informal crowd-sourced creativity and feedback exercises. This is different because there comes a time when you need an objective, quantified, nationally projectable assessment of your concept’s native appeal — predicated on your consumers’ bottom-line, self-reported likelihood to buy. This comprehensive yet fundamental review and measurement of your market potential comes to you:
- Cross-checked against demographics, geographics, and the crucial consumer needs states on which you’re basing the product’s reason for being,
- Backed up by “in-their-own-words” narrative explanations of the reasons, pro and con, behind their stated likelihood to buy it (or not).
This pin-pointed profile of market metrics and instructive diagnostics surely merits a key place in your business plan. With such fresh readings (confidential and proprietary to you), you can work up or revise any market impact and sizing estimates you’ve made, revisit sales projections, review your planned pace for growth, and knowledgeably assess the critical investments you now know you'll need and when you'll need them to best seize this opportunity.
And you'll know if it's advisable to tweak or modify the product based on E-RM's diagnostic analysis of the qualitative and quantitative feedback. Then you can move ahead to finalize your budgets and time horizons in a confident, sure-footed manner as you bring your best product to market — at the right time, in the right way.
E-RM's Quick Market Test Unveiling at MeetAdvisors, with Ari Garber
Here’s a video via MeetAdvisors with Ari Garber announcing the debut of E-RM‘s Q3MA Quick Market Test.
The full interview is on YouTube and includes a few outtakes where you’ll hear some generally applicable sampling, pricing and purchase details (starting at the 3:56 mark). Watch the full video here.
FYI: MeetAdvisors is a meeting ground for different people to convene and share exciting new concepts and business ideas that are about to emerge, or are already well along. It’s a sharing spot for entrepreneurs and people doing start-ups or other exciting activities all around Chicago.