When I started at MasonBower, I remember I was slightly overwhelmed by the number of acronyms used in the everyday office lingo. The team was talking about GUI, MOA, TOC, mPOS, MVP….. And then there was the POC. For a second, I have to admit, it had me confused with the world-class ski-helmet brand, but I quickly understood that they weren’t talking about “piece of cake” but rather “proof of concept”.
But what is the ‘proof of concept’?
We all live on a learning curve. The POC phase is a hands-on validation of the concept and a direct way of learning to read the potential new market. It may give crucial insights as to whether and how features should be adapted. The POC can be seen as the key to a successful and profitable expansion into the European Market.
When entering a new market, either with or without experience from other markets, the testing of a concept plays a crucial role in making the right decision in terms of business growth. Perception of a product or service may vary largely in different parts of the world. Already within Europe, a company will be faced with a wide range of trends and behaviour that may need to be addressed when planning an expansion.
The MasonBower Go-to-market support services are primarily based on extensive research. The research will provide companies with a deep understanding of the market with respect to legislative requirements, competitors, potential customers, product fit and the possible need for adaptation of brand, pricing etc. However, the final, so-worth-to-take phase comes in the proof of concept. Testing and validating the concept in real-life situations and on local users will give the best base on which to make decisions for future investments. Time is money and investing time on real-life testing can determine the potential of future revenue. I’d say this is money well spent.
What I enjoy the most in the POC phase is the excitement of following the test up to the final results. Would customers appreciate the meal more if it were served at a different time? Even though the app is proven to be efficient in other markets, do consumers see the fundamental as a problem to be solved? What measures need to be taken to convince buyers that the product by far matches the competition, even though the country of origin is outside of Europe? Are the existing sales channels the right ones on the European market? The POC phase gives an answer to these questions - and other questions you may have regarding your desired markets.