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Originally Posted by MaxForce
Hi
I have a question. How would you know if the niche is sufficient to be profitable enough, i.e. how do you quantify the niche? Especially if the niche is not exploited yet or not exploited to the point of market saturation?
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Hi there old chap,
Happy new year!. It is hard to quantify the profitability of a niche hence the reason for a scientifically based market research.
One other point to remember is that sometimes potential customers may not understand the benefits of new products, which can make the research useless. To give you a true story, IBM didn't want to partner Xerox when Xerox came up with the idea for a photocopier. Following the approach by Xerox, IBM commissioned a market research using a top agency but the people interviewed didn't really grasp the benefits of a photocopier in an office. Based on this IBM rejected the approach from Xerox. Thankfully, Xerox persevered and launched the product on their own
. Can you imagine an office these days without a photocopier (Xerox)?
Regards,