Commuting to work can be challenging at the best of times, but when you work in Dublin but live outside the city, your commute can prove more challenging than most, with the tailbacks during rush hour building up in the blink of an eye.
So, what if you were to provide commuters with a new state of the art Park & Ride Bus service that travelled directly into the heart of the capital? Would there be a market? Would it be a success? That’s what one entrepreneurial Irish SME wanted to establish, which is why they got in touch with us.
Our challenge was to develop a detailed market research study to guage the feasibility of the project in terms of financial viability, while also identifying the potential market size and the level of uptake from early adopters. We needed to establish the barriers to use and the appetite for a more enhanced P&R facility (including a cafe and shop) versus one with just basic services.
As you can see, a lot more thought goes into catching the bus then just sticking your thumb out.
We conducted extensive one-to-one interviews with a large number of commuters over a wide geographical area converging on the proposed location for the P&R.
We were able to demonstrate sufficient demand for the service and predicted an uptake by a minimum of 12% of commuters initially – enough to justify the business proposition for our client. We were also able to establish the price sensitivity of the target audience, allowing our client to forecast the market viability of the entire project.
Interactions provided comprehensive analysis of the feasibility and projected success of the entire project, arming our client with the knowledge they required to minimise risk and enable them to make the right decisions across every aspect of their new venture. They had answers to questions that they didn’t even consider to ask. They always had a vision, and now they had the insights to bring it to life in the best way possible.