To help me raise funds for a new company (medical device) I decided to do some market research. I was able to arrange a focus group in a local hospital where I would like to get some input from nurses and physicians as to the need of my product, will they use it, what features will they be interested in etc.
Has anybody done this type of market research? Can you share your experience? How to manage this, what kind of questions to ask, how should I collect the responses and later on present to potential investors? Any input will be appreciated.
Marketing Venture Capital Business
Here's some generic advice on focus groups: http://www.useit.com/papers/focusgroups.html and http://www.programevaluation.org/focusgroups.htm I like to use focus groups for generating unstructured qualitative feedback, rather than structured numbered data. You can get good feedback on the following aspects:
Keep in mind:
All the above is generic advice.. If you can share more details about your device, I could provide more specific inputs..
Hope it helps!
Ronny, I work in pharma and frequently have to do similar market research.
First of all, and I can't stress this enough, you MUST maintain a tone of neutrality. It's incredibly easy to bias the respondent and a tone or gesture can influence the response.
One of the most important, and most challenging, is to order questions in such a way that the sequence leads the respondents down the path of thinking you have chosen.
I concur with a lot of riskophile's points. He/she has laid out some effective questions. I will provide a very basic "bone" structure:
In terms of presenting to investors, these are qualitative filters to assess the value of your project. It would be good to follow up with a survey to quantify these responses as a concise way of presenting to investors.
Good luck! Feel free to contact me if you have any questions!