New Product Market Feasibility Study

What a good one includes

• A detailed breakdown of your ideal buyer persona within the career space, including their specific pain points, willingness to pay, and purchasing triggers.
• Quantitative data showing the total addressable market size and current growth trends within your specific career or employment niche.
• A direct comparison of existing solutions, highlighting their strengths, weaknesses, and the unique gap your product intends to fill.
• An overview of legal, data privacy, or employment law considerations that could impact your product’s rollout or operations.
• A realistic projection of different pricing strategies and monetization paths to ensure sustainable profit margins.
• A clear-eyed evaluation of potential obstacles in reaching your audience, along with actionable mitigation strategies for a smooth launch.

Common mistakes to avoid

• Relying on feedback from friends and colleagues rather than gathering unbiased, objective data from actual target users in the hiring or job-seeking space.
• Overestimating the market size by assuming everyone looking for a job is a guaranteed paying customer for your career service.
• Ignoring existing, low-cost alternatives like free templates or general career advice forums that users might prefer over a paid premium product.
• Failing to account for the long sales cycles and strict compliance hurdles typical of selling HR or recruitment tools to enterprise employers.

Frequently asked questions