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By Carleen Herndon, Vice President of Business Development, MindShare Strategies

One of our clients recently came to us with an exciting new business concept. Though they “felt” it was a good idea, before diving in and investing the resources and energy into the initiative, our recommendation was to validate the concept and gain market intelligence through research. Once the concept was validated through our client’s key stakeholders and prospective market, they then could make an informed decision to move forward based upon measured market demand and the perceived value proposition. They agreed with our advice for validation – and appreciated our recommendation.

So, MindShare Strategies rolled-up its sleeves and created a two-phase research project to accomplish the following:

  1. Gain market intelligence to assess the value of the business plan
  2. Provide valuable data to assist in building a successful business model, approach, and budget
  3. Develop the value proposition and messaging for each primary and secondary target audience
  4. Minimize financial risk and maximize financial reward

MindShare Strategies conducted the benchmark research, supplying our client with quantitative and qualitative results, and we used this information to assess the viability of the opportunity and develop a successful business model. We are now in the next phase (the planning stage) with our client – and everyone is confident in moving forward.

The new business concept, which will come to fruition in 2015, will increase brand awareness, increase engagement, and increase revenue!