Market Research
A strategic market entry for Prsonas virtual assistance
The Task
Conduct market research to identify potential markets, understand customer needs, and position Prsonas as a leader in smart virtual assistance.
Client
PRSONAS, Inc.
https://prsonas.com
Delivery Time
Three months
A LITTLE
Context
When I was a UNC-Chapel Hill student studying Entrepreneurship, my summer internship at Prsonas offered a unique opportunity to apply classroom theories to real-world challenges. Prsonas, a local startup, stands at the intersection of AI and customer service. It was looking to broaden its horizons with a new venture: Virtual Receptionists. This initiative was not just about technological innovation but also about exploring new market frontiers.
My project was a general opportunity analysis for this possible new product line. This included identifying available, served and target markets, ascertaining their size, potential revenue and main attributes, researching their pain points and needs, and putting together a list of possible company contacts. The final deliverable was a presentation that I worked on and edited throughout the summer containing all the final findings of my research
- Conducted in-depth market research using resources like Frost and Sullivan, Mintel, and Gartner to identify and size available, served, and target markets.
- Engaged in customer interviews and surveys to refine understanding of business needs within the target market.
- Developed a comprehensive opportunity analysis presentation detailing market sizes, potential revenues, customer pain points, and strategic contacts.
- Successfully identified a combined target market of approximately 2.025 million units, highlighting significant growth opportunities for virtual receptionists.
- Crafted a detailed strategy for market entry, focusing on personalized customer engagement and leveraging technological innovation.
- A strategic presentation outlining the opportunity analysis for virtual receptionists, designed to guide Prsonas through product launch and market penetration phases.
- A curated list of potential business contacts, paving the way for direct marketing efforts and partnership opportunities.
THE FINAL
Result
Through this internship project, I provided Prsonas with a detailed market opportunity analysis that illuminated the path for the launch of virtual receptionists into key regulated industries, such as healthcare and finance, showcasing a total addressable market exceeding $15 billion. The findings, rooted in rigorous market sizing and customer insights, equipped Prsonas with the strategic knowledge needed to tap into high-potential markets, setting the stage for innovation and growth in the digital customer engagement space.
This work not only underlined the vast market opportunities awaiting Prsonas but also aligned perfectly with my academic work in entrepreneurship at UNC, combining theory with practical research.