How to find a price and market share for much improved replacement for a disposable medical device?

Maybe hire a freelance market researcher to find out? ;) Generally, something like this is going to appeal to fortune 500 companies. Smaller companies and entrepreneurs are going to be doing market research themselves. From the question it is difficult to tell if you have come into possession of such a platform, or are thinking about building one. Regardless, to succeed it's crucial that you deeply understand who your target customer is and what pain you are solving for them. Most ideas for a business stem from the entrepreneur's discovery of a solution to a problem for a certain group of people. Since who has the greatest need is unclear to you at the moment, the best thing to do might be to contact people at companies who you think have the greatest need. Find a way to get in touch with someone at the company involved in hiring market researchers, and ask them what challenges they face. You can also talk with a few market researchers themselves to get an idea of where they see the greatest demand of companies looking to hire them. Hope this helps.

Even if your competitor continuously capitalizes on your ideas, by imitating your product features, etc., and even if he grows exponentially faster than you, it shouldn't intimidate you. Similar product, less money, whatever else, doesn't matter. Get awesomely creative with your marketing. Focus on the user experience and forget the competition. That's one thing no competitor can ever take away from you. And, the only thing you've got to mediate risk. I'd love to share more with you over a 15 minute call. I can guide you through getting a better understanding of your customers, and developing an awesome user experience, by moving beyond conventional marketing. Looking forward to it. Adrian

The art of the "cold pitch" is definitely something that needs to be worked on, and doesn't come naturally to everyone. A couple of quick tips: 1. 4 is not a big enough target group, you've got to cast a bigger net. Try pitching 20, and aim to get 3-5 responses. 2. When sending a cold email, really think about what you are offering them. Whilst you'll get the odd good egg that simply wants to help - you can't expect entrepreneurs and small biz owners to take time out of their day to answer your questions. To counter, why not tell them you're conducting research in the space, and would be happy to send the finds/reports back to them in a nice format, which could in turn help their business. 3. Don't give up, keep hustling. Try changing around the emails slightly, track which emails convert into responses, and fine tune from there. Good luck and feel free to book a call if you want to chat more. Best James.

Hi First of all, the fact that you are talking about market research ('validation') is great. I've seen so many startups invest time and money, only to find out later that no ones wants/needs their product, or that they only want a certain aspect of it (whilst the startup spent money developing a whole bunch of other features), or that they aren't willing to pay the requested price. So you're already one step ahead. Also, the sooner you validate your product, the better! The best ways to validate your idea is to see whether people are willing to actually pay for your product/service. The best way to get investors, is to show (1) that you are solving a need, (2) that you have traction, and (3) that the investors will get a nice return on their investment. As for methods of validation, here are the most efficient methods. 1. Check that people will actually buy/pay for the product. You can do this by setting up a Wix or Wordpress website (this can be done for free / very low costs). If your venture is a mobile app, then you can create what’s called a Clickable Prototype (“CP”) (a visual of the app in which the images change when you click on something - you can do so using the Apple Keynote tool or Microsoft PowerPoint). On the website, include the price of the product/service, and enable people to order it (YES, even if it doesn't really exist yet!). I am happy to explain how this can be done whilst still being fair to your potential customers (the people who click the "buy/download” button). 2. Determine your target market/customers. 3. Spend a small amount (say $100 - depending on your budget) on the most relevant platforms and promote your product/service - linking to the website that you created. This way, after only spending a very small amount, you will be able to know (if you did it right): a. Do people like your product. b. Do people want/need your product (not the same as 'a'). c. Are people willing to pay for your product? (not the same as 'b' - and this being the most important stage) d. How much they are willing to pay. (you can check this by having 2-3 landing pages with different prices on each). 2 last important points: a) In order to rule out external factors like an unattractive landing page or advertising campaign, and assuming you have the time, create multiple landing pages / advertising campaigns, with different designs. b) During the above process, don't forget to check how much it costs you for each user/customer that clicks the "buy" button. If for example each click on your promotion/advertisement costs you $2, and only every 10 people who click go on to the "buy" page - that means each sale is costing you $20. Then check what your average profit per sale is, and then you'll know if your service/product is worth pursuing (obviously there are additional factors like return customers, referrals etc, but you will get a good estimated/validation of the idea/business). Regarding questionnaires and talking with people, these methods are also very good, but it is crucial that you implement them correctly, otherwise your results might be misleading. I’ve successfully helped over 300 entrepreneurs and I’d be happy to help you. Doing validation correctly can save you a lot of time and money. Before the call, and in order to make the best of your time, please send me more information about your product/service and your target market. Best of luck!

The best way to do validation on this idea would be to acquire customers through Facebook ads (rich targeting makes you able to cohort users nicely). Then, you could manually pair people via email or through a simple text messaging exchange facilitated by Twilio. In this scenario, you could prompt them to take the actions you think will be at the core of your app's functionality. Observing their engagement rate and what they do with each other would give you some insight into how viable this is. Happy to talk this through in a call with you. I've helped a lot of clarity members through similar customer development exercises.