Market research must be smart and ongoing
Based on their experiences in Madagascar, Claudia Knobloch and Zafi Rasoloheritsimba asked "What type of market research is effective at the BoP" at the 10th Inclusive Business Lunch. To introduce the topic, they prescreened Endeva's video on market research at the BoP, which will soon go online.
The 25 discussants identified a number of challenges for market research at the BoP. It is hard to ask people questions about products they have never used. Observation and participatory methods can help to identify needs and preferences. It is also difficult to understand the real market size where people don't have access to a product or service. Comparing a similar market with access can give relevant clues.
Altogether, it became clear that market research cannot be a one-off exercise. Rather, it is an ongoing process, from product and business model development via implementation to scaling and replication. Maybe most importantly, market research must be smart and really seek to understand the challenges and the solutions, rather than just finding answers to survey questions.