Market research is big business! Related jobs are expected to boom as businesses scramble to improve their new venture/product performance through careful analysis.
This growth is great for LaunchScore too. Greater awareness of the need for market research as part of the overall business execution means that more entrepreneurs will look to sites like ours for help.
Our free market analysis provides entrepreneurs on a shoestring budget a way to access the power of big data that can help them make their decisions. With access to the same data sources as the market research firms one could hire for a cost, we are driving up from the bottom of the market, allowing non-users of market research to gain insights they might otherwise do without. We also aim to continually improve our analyses so that we can eventually rival market research firms in some of the simpler markets.
In the language of disruptive innovation, LaunchScore offers lower performance than traditional market research firms (we don’t provide in depth reports, rather we provide brief reports for a wide variety of business types and cities), but we are improving. Because we are more affordable (free) and convenient (web-based), we attract the least demanding customers in the market: entrepreneurs who can’t afford expensive professional market research.
Market research firms may often provide offerings that over-serve customers; whereas LaunchScore is proving to be more than “good enough” for customers. We expect market research firms to respond to LaunchScore by moving up market, offering even more sophisticated offerings to those who are willing to pay for them. At the moment, we seek to be early in occupying this space at the bottom of the market. As we continue to grow and improve, we will be offering more and more in our market research reports, closing the gap on the big firms that the current market relies on.