Do you have the market data you need to launch your new Agtech idea?
At Advivo Innovation & Commercialisation Partners, we are using cutting edge data science tools to give our clients a new depth of understanding of the market they are planning to enter.
In order to succeed in the market you need to know the market you are entering. Data reporting tools like Ibis World can provide a good overview of the size of a market, general trends and details on the leading companies in those markets. However, what you really want to know is who all the companies are in the space and details of the more specific market segments you intend to compete in.
A More Intelligent Alternative
Growing more intelligent every day, there are other data science tools out there based on big data and sophisticated searching. These go one step further than the traditional desktop market research tools and are able to map markets by identifying all the companies involved and their linkages to each of the segments within that particular market. The power this gives a user is clear: picture a complete landscape of the market you’re looking to enter, in a particular geographical area of interest or on a global scale. This is usually an eye opener as many times we hear the words from those pursuing new business ideas, “there’s nothing else like this” or “there’s no one else doing this”, whereas in reality that is rarely the case. These tools are able to identify just how crowded a market is and who the actual players are in that market. They spot the crowds, and then suggest a targeted entry approach by identifying the white space opportunities in the market. These are the market segments or interfaces between segments where there is relatively little activity. For example, let’s assume you have a new Agtech idea. The idea is based on new algorithms to combine satellite imagery with drone images for more accurate yield prediction of particular crops. The agricultural monitoring market can be broken down into many segments like satellite imagery, drone imagery, weather monitoring, soil moisture monitoring, pest monitoring etc. Bring in the data science tools. Now we can map this market to identify the companies operating in each of the identified segments and, importantly in this example, whether there are other companies operating in the interface between satellite and drone imagery, i.e. having connections to both, and therefore potentially operating in the area you have identified as an opportunity.
The Rest of the Data Science Tool Suite
Knowing who is competing in your intended market facilitates more relevant competitor analysis and also serves to identify potential collaboration or licensing targets. The next steps with the intelligent data science tool suite:
- What does the market actually want? Here we identify the most common search terms being used in relation to the market and how specific companies may be winning business.
- Have you considered B2B? The market mapping tools provide a very good overview of the competitive landscape within markets but can also be used to map the landscape of the potential customer market for B2B products. Continuing with the same example, you may now have identified the best channel to market for your technology is via consultant agronomist companies, in which case identifying the agronomist businesses dealing with the crops to which your technology holds relevance would be very useful to guide business/product development activities.
What traditionally can take months or even years can now be done in a matter of hours. In essence these data science tools are market research on steroids.
Professional Analysis – All the Difference
As powerful as these market analysis tools are, there is a considerable amount of strategy and validation work which needs to be done to work out when and how best to use them to derive real value from them. Like any Google search, the quality of the data returned is heavily dependent on the structure of the search terms used. There are a number of aspects that need to be addressed in order to ensure a higher probability of commercial success and understood in order to be best supplemented by the data science tools. For example, understanding:
- The job to be done and the value proposition delivered by the proposed solution (i.e. how does it address the drivers for adoption and what returns does it provide in relation to the job to be done?)
- Who the customer is and what market segments they live in
- The competition – how is the job currently done and what alternatives does the customer have that you are aware of?
- The Minimum Viable Product (MVP) required to enter and further test the market
- Validating the idea with potential customers to test how they view the value of the solution
- The requirements and ability to scale
- The financial plan required for product development and go to market
- The IP protection strategy and barriers to entry
- The team required – skills and resources
Advivo Innovation & Commercialisation Partners has developed a diagnostic tool to assess the commercial viability of new ideas and test assumptions to guide the pathway to market based on factors including those listed above and the knowledge and experience of our commercialisation advisers. The outcomes are used to guide use of data science tools for further market validation and analysis.
If you would like to be a part of our early adopter program and receive a free diagnostic tool consultation, please register below and we will contact you to arrange a 30 min video call to complete the diagnosis and assess your idea’s probability of success.