A traction study is a series of experiments designed to validate a business idea by aggregating and measuring a potential market for that business. Using both online and offline tools, careful design and diligent attention, traction studies can help a startup to determine whether a product or service has potential, refine the idea, identify the target market for the product or service and optimize marketing methods to reach that market.
Used correctly, traction studies are the first and often the most important activity of an entrepreneur or startup, as they can determine viability and risk levels before substantial time and resources are expended on an idea. In addition, studies that do result in significant traction can quickly form the basis for a larger marketing campaign and generate a significant sales pipeline for the company.
To learn more about traction studies and to get help designing or conducting a study for your business idea, contact JumpPhase.