Insights and results from comprehensive market validation research to build a business case for potential investors
Based in Copenhagen, KRING is an impact venture studio founded in 2003. KRING co-creates new sustainable ventures together with bold entrepreneurs and leading corporate players who are dedicated to building a positive future together.
Venture studio KRING builds companies from scratch, often in a co-creation process with large corporate partners. Together with a health insurance company, they defined a holistic concept for seniors that combines health insurance, economy, and a preventive healthcare program. KRING and its partners needed market-validated consumer insights into their early-stage idea (Otio) to present to a potential investor.
Create a test setup that simulates the core experience of the new concept to determine the interests and understanding of the concept amongst the target group. The test aims to identify the following:
Overall curiosity and market interest in the product
Potential target customers
Approximate cost of conversion
“Before our investors were willing to jump in on this early- stage idea, they needed validated data on how the business case would look like.”
Co-founder and Partner, KRING
The results showed that the concept garnered interest that is above-market level, which indicates that there is a vast pool of potential customers and a potential market fit for the right solution. However, while the interest was high, the conversion price was also relatively steep. The overall concept presented to users may not have been adequately convincing. This reflects the importance of strategically incorporating brand elements that'll drive audience engagement and conversion.
We recommend further testing different simplified concept offerings highlighting different Unique Selling Points (USPs) to determine which resonates most with the audience. By retesting and comparing different versions of the concept, it can improve its persuasive power to convert interest into action.
*The test includes more data on online customer behavior that is not presented in this case study.
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