Ensuring Success: How Feasibility Research De-risks Innovation
Why de-risk?
When we talk about de-risk in the context of design, whether it be for a product, service or experience, we are looking to take steps to reduce or eliminate the likelihood of a project being unsuccessful. Failure might occur through customers failing to engage, or users’ needs not being met, either can ultimately result in a financial loss.
Including de-risk innovation throughout the design and development process can reduce financial risk ahead of the launch of a product or service.
You can de-risk throughout the design process in different ways. Through research, customer engagement, testing and validation, detailed design, prototyping, manufacturing support and more. In this article we focus specifically on feasibility research.
At PDR we love to work with organisations that recognise engaging with their audiences is an effective way to reduce development risk and provide outputs that truly connect to their target users.
How can feasibility research help you de-risk?
At the start of a new project there are two main ways we see companies assess the feasibility of an existing or potential project/innovation area.
- Exploring an identified area of interest in the market for innovation/product development. To understand existing offerings in this space, both user and stakeholder needs, and their respective desires and concerns.
- Informing, validating, and testing an existing concept at a low level of fidelity, before committing to further concept and detailed development.
We have helped many clients conduct projects using one of or both of these approaches.
For clients looking to expand their product range into new areas of innovation. It could be an area of interest that is not saturated by competitors, with the potential for identifying an untapped market. In this scenario we’d carry out targeted feasibility research potentially focusing on the following research questions:
- Understanding how the potential market perceives the area of innovation and the current significance it holds.
- Understanding of what is important to users in relation to this area.
- Understanding the key decision-making factors for purchasing products with features related to this innovation.
With this we are looking to predominantly understand whether this is an area of innovation that target users are aware of and interested in.
Conducting such feasibility research can highlight if an area of innovation is viable for future product development. It can identify if there is a need and desire for products with more features linked to this innovation from key user groups. It can also align the client and user expectations to build a clear understanding of how to target and develop products in a space to best resonate with users.
As previously mentioned, feasibility research can also be carried out for a concept that is already established.
We are often contacted by clients who wish to receive feedback on concepts they are developing via user engagement. This is very common, and clients repeatedly wish to have a better understanding of their product or service ahead of engaging users for more targeted feasibility research. Low fidelity stimulus such as visuals, service journey maps, or digital prototypes can be perfect for testing and validating features, and details of a concept. Using iterative processes early on, organisations can help to refine ideas ahead of and throughout the concept design and development process, to ensure that you are meeting user and stakeholder requirements.
What benefits does de-risking through feasibility research bring?
The earlier in the process you discover what prospective users think of a concept, the easier it is to adjust appropriately. Sense checking with users can be used to ensure that a viable area of development has been targeted, that a concept has sufficient potential, features are working as intended and, there is no implied understanding missed by users.
Navigating de-risking, means understanding the nuance of what risk is to the client. What do they and their stakeholders need to know to help them make investment decisions and ensure that their product or service can be a success for them. Although there are different methodologies and approaches that can be used across different types of projects, tailoring these approaches for each individual client is key.
Do you have a project or area of interest but want some help reducing risk and connecting with your intended users? Get in touch with us to discuss what we could do to help.