Checking job postings important for Project ROI.

This past week I was hired by a client to research a product idea that they had.

The client had done their own research and found out that the product did not exist today in the form they presented. They had even found a similar product targeted towards a different set of customers. Given that, they felt strongly there was an opening in the market for their product targeted against the customers they had identified.

Once I was hired, I gained an understanding of what the benefits of their new product was and who the likely customers were. I asked them to establish why they felt the opportunity was there – what made them unique.

Taking the knowledge provided by the client I then did research of my own.

1 – I confirmed that indeed there was potential for their product.

2 – I identified that indeed the product did not exist in the current form that the client was wanting to create.

3 – I crunched the numbers of the expected product cost against potential.

4 – I researched other companies that provided the same proposed solution but in a different market.

All looked strong for my client’s desire however I found a fly in the ointment.

Taking the list of companies in the different market who dealt with the same potential clients as my customer but without the product that my customer was planning to create, I did a job vacancy search.

Luckily for my client, the competition did not consider it a strategic risk to post their employment needs along with their company name. In fact with the strongest possible competitor, that company was advertising exactly for the skill set that my client would need to create their proposed product. In the company’s job advert, they went to great length to explain the direction the company was moving in and how it was a great opportunity to come on board and build the product.

A little bit of research saved my client from putting money into a product that another stronger competitor was getting ready to build.

I cannot say this will work every time because if the job openings had been filled at the competitor I would not have stumbled across the  job vacancies that described the direction of the company. As a back up solution, you can check the patent registry to see if any competitors have filed patents closely related to the product you plan to build.

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