Want to conduct a feasibility study? Investigate whether your product or service will succeed in the market.

What is a feasibility study?

A feasibility study creates an overview that examines whether an idea, concept, product, or service is feasible and profitable at each stage. This involves, for example, identifying risks based on the market, the product, and the opinion of the target group. 

Feasibility studies are therefore conducted at virtually every stage of an idea or concept. An important first step is to clearly define exactly what information you are looking for. Possible components of a feasibility study include:

Desk Research
Through desk research, Markteffect maps the competitive landscape (incl. USPs), market size, potential customers, etc. This already provides an initial indication of the idea's feasibility. Depending on the specific information you are seeking, this is often tailored on an hourly basis.

Entrepreneurial Assessment
Do you, as an entrepreneur or company, possess the necessary competencies? Do you already have a track record or historical revenue figures that could assist with, for example, refinancing with a bank? The approach varies from stakeholder interviews to financial projections for banks and investors. Markteffect is pleased to collect this data and compile it into a compelling report.

Market Research to Strengthen Your Business Case
Insights from various market research studies can strengthen your business case. For instance, this can be reinforced by a feasibility study. Markteffect utilizes, among other resources, a consumer database of over 230,000 Dutch individuals. Click here to read more about the feasibility study.

Types of market research and what are the benefits?

The research results from market research provide substantiation for your business case through concrete advice on the feasibility of your idea or project. A concept or idea can emerge in many phases. At Markteffect, we distinguish five phases:

1. Pre-concept phase testing

You suspect that there are opportunities in the market and would like to respond to them, but you are still uncertain about the exact wishes, needs, and expectations of the market. A needs assessment would be appropriate in this case.

2. Testing the concept phase

You have an idea, but you don't know how to develop it further or which direction to take. Examples include testing a concept or conducting a stakeholder analysis.

3. Testing market potential phase 

You have a concept and are unsure which market to focus on and what the potential reach is. This phase often involves Market exploration, segmentation research, and positioning research.

4. Product test

You have already developed a concept and defined your target group, but you still have no idea how many people will buy your product or visit your attraction (park). A product test could provide useful insights at this stage.

5. Assessing the financial feasibility phase

You have a clear idea of what your concept should entail, but you are still unsure about its economic feasibility. A spin-off and impact assessment could be a useful study in this regard.

Your insights after a feasibility study

What benefits will it yield and what insights can be gained after conducting this research? Every study is, of course, custom-made and tailored to a specific company, brand, product, or service; we understand this perfectly. Depending on your specific needs, Markteffect's support can provide insights into, among other areas:

• What the opportunities in the market look like;
• How you can shape your concept and whether there is support for it;
• What are the factors for success and failure?
• What the expected return on your investment is;
• How to realize your concept.