Qi3 – Quality, Insight, Integrity & Innovation - UNITING TECHNOLOGY & MARKETING

Example Rapid Market Prototyping Project

Phase 1 Identify Target Markets
1.1 Project Kick-off 

  • Re-confirm goals and objectives
  • Incorporate your feedback & materials
  • Clear definition of your product and service capabilities
  • Review Qi3’s internal Knowledge Bank and identify all relevant information

 

1.2 Broad Evaluation to Rank Potential Target Markets 

  • Conduct 3 telephone interviews per market to identify
    • drivers for adoption
    • barriers to entry
    • market needs
    • competitor activity
    • product requirements
  • Desk and internet market research to characterise markets
  • Gather further inputs, including joint brainstorming
  • Understand how or if your value propositions need to be tailored for each market
  • Rank target markets in priority order

 

1.3 Review Findings and Agree Next Stage 

  • Review meeting
    • Discuss findings
    • Agree target markets
    • Agree action plan for Phase 2

 

Phase 2 Deep Dive Research & Target Market Prioritisation
2.1 Deep Dive Market Research for each Target Market 

  • Research market sizes & growth rates
  • Test market opportunity in detail by conducting telephone interviews with 10 potential sales prospects
  • Identify drivers for widespread market adoption
  • Understand buyer ‘hot buttons’ and objections
  • Analyse competitive position
  • Assess differentiation
  • Fine tune list of early adopter sales targets
  • Assess channel sales options

 

2.2 Synthesis 

  • Synthesise market findings and data
  • Articulate your value proposition for each vertical market
  • Review sales prospects’ feedback from telephone interviews

 

2.3 Review Findings and Agree Next Phase 

  • Review meeting to discuss findings
  • Discuss early sales prospects and action plan for each
  • Agree order of vertical markets entry
  • Agree action plan for Phase 2

 

Phase 3 Driving Market Entry and Sales Growth 

(Work Package per Vertical Market)

3.1 Develop ‘Skeleton’ Go-to-Market and Sales Plans 

  • Adapt Product Specifications for target market (where appropriate)
  • Agree market-specific value proposition
  • Tailor marketing materials (where appropriate)

 

3.2 Deepen Target Market Engagement 

  • Develop list of additional sales prospects to contact
  • Use market research as a covert selling tool
  • Identify and contact market opinion leaders
  • Identify potential beta test sites
  • Build scalable sales plan

 

3.3 Accelerate Sales Engagement 

  • Qualify existing sales prospects
  • Identify additional sales prospects
  • Help you close your first sales prospects

 

3.3 Review Experience and Firm-up Go-to-Market & Sales Plans 

  • Review lessons learned and sales experience
  • Fill in knowledge gaps where necessary with additional market research
  • Update Go-to-Market Plan, Sales Plan and marketing materials

 

3.4 Embedding the Target Market Plan in your organisation
 

  • Brief management on go to market execution plan and sales plan
  • Drive sales activities
  • Define channel partner programme
  • Help with relevant sales training
  • Hand-over to your staff

 

The work package can be repeated to evaluate and penetrate further vertical markets.

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