Market research hackathons
Explore, enter, and validate new markets for your business.
Published on 29th of February 2024. 3 min read.
Goals and benefits of a market research and validation hackathon
Hackathons have often the reputation of being used just as coding marathons, a playground for tech enthusiasts to flex their creative muscles and bring innovative ideas to life. Though, hackathons have no limits in terms of application. One of them is market research and validation.
Hackathons have been used as a practical and solid solution for companies, startups, entities, and institutions to conduct efficient market research, validate ideas, and gain valuable insights about customer needs. Here's how.
Let’s start with the customer lookalike personas:
1. Customer-like audience engagement and validation
The participants of a market research and validation hackathon are carefully targeted to resemble the company’s customer personas. By involving them in ideation and development processes, the company will gain firsthand insights into consumer behaviour, preferences, and needs. This direct engagement will help validate the market demand for your product or service, providing you with an invaluable reality check.
2. Guerrilla testing
Hackathons are a breeding ground for quick, low-cost guerrilla testing. Teams can use the event to rapidly identify issues, gather feedback, and spot areas for improvement in their product or service. This fast-paced, hands-on approach can provide you with invaluable data to tweak and refine your market strategy.
3. Long-term business viability analysis
Hackathons aren't just about quick fixes. They can also serve as a platform for long-term strategic planning. Teams can be tasked to build a comprehensive business viability analysis for a new market you plan to enter. Their fresh perspective might shed light on aspects that might have been overlooked in the first place.
4. Market and competitors analysis
Hackathons are a perfect setting to dive deep into market and competitor analysis.
Using tools like Ahrefs, SEMrush, Google Market Finder, Google Trends, or ClickCease, teams can analyse market trends, benchmark against competitors, and unearth valuable insights that can inform your business strategy.
5. Market experts mentoring
During hackathons, teams can be mentored by market experts who can guide them through the process and ensure they're analysing the right market aspects. These mentors can also ensure that the ideas align with your company's values and mission, providing a balanced and informed view of the market landscape.
6. Competitors outperforming plans: find the weakness spot
One of the hackathon challenges / themes / topics could be to draft a plan to outperform your competitors. This exercise can help identify your competitors' weaknesses and uncover opportunities for your business to thrive. The competitive spirit of hackathons can stimulate innovative strategies that could give you an edge in the market.
7. Conclusion
We see this type of hackathon as the perfect opportunity for:
Consolidated companies that are planning to enter new markets through new subsidiaries
Startups that are currently being incubated and accelerated
Any company that would like to consolidate its market outlook data and analysis.
If you need assistance from an experienced hackathon provider to plan and run your hackathon or would like to learn more about this innovative approach, we're just a call away.
Let's talk today for more information.
