1. How industry experts can help

Before interview customers, it often helps to interview an industry expert.

You may not need any help from industry experts if you’re planning to develop a new product or service for a market segment you are already familiar with. But if you plan to pursue a market that is adjacent—or even totally unfamiliar—to your business, these experts can be extremely helpful. They can provide you with information on…

• Key customers in the market segment, beyond the dry facts. Who is winning, who is losing, who is open to innovation, etc.
• Which competitors you should watch closely, and how you might anticipate their moves.
• Which technologies are now being used… or are likely to be used.
• Important trends, e.g. global growth patterns, market discontinuities, regulatory matters, etc.
• Most important: These experts can introduce you to key customers and other market players. Because this is their “home industry,” they can open doors to contacts unavailable to you.

Tip: It’s rare that a single industry expert has all the information you seek. Each expert will have a different “slant,” heavily influenced by his/her own experience. Plan on interviewing multiple experts to get a “360” view of your target market segment.

For tips on where to find these experts, see the next BlueHelp article, Where to find industry experts.

Keywords: industry expert, consultant, market research tips sheet, retired expert, expert network