Performance, far more than aesthetics, drives industrial value. In addition, industrial markets tend to be more concentrated, making it easier to identify potential markets. Once you have identified a proven need for your product, begin to gather information about the product's features to determine its selling points. Conduct product testing and develop a technical performance report. Identifying the product's attributes and properties enables you to see the hypothetical uses for which the material may be superior to existing solutions.
Most customers require products to meet certain performance specifications.
Therefore, when approaching possible users, you should be prepared to demonstrate that your product not only meets these standards but exceeds their expectations as well. Having identified how the product performs, you can look more closely at the potential applications for your products, and which applications may be most suitable. At this point, you are ready to begin to separate hypothetical uses and markets from real opportunities. This is done by considering who makes the decisions as to what gets used for what reasons in what types of situations. Click here to see a hypothetical market segmentation matrix for a building material made from processed agricultural waste.