At Knowin, we specialize in assisting businesses in estimating the size of unknown markets for their next innovations. Our comprehensive service employs a variety of research methodologies, including correlational research, action research, applied research, and experimental research. Here’s how our structured approach unfolds:

1. Identifying Key Variables and Hypotheses: Collaborating closely with our clients, we define variables that may impact market size, such as demographics, consumer preferences, competition, and regulatory factors. We formulate hypotheses regarding the relationships between these variables, guiding our research strategy. 

2. Conducting Preliminary Research: Our team collects existing data and literature pertinent to the innovation and its potential market. Employing correlational research techniques, we analyze this data to unveil patterns and relationships indicative of market size and characteristics. 

3. Engaging in Action Research: Collaboration with stakeholders is paramount to our process. We conduct qualitative research, including focus groups, interviews, and workshops, to gather insights and feedback on the innovation from potential customers, industry experts, and partners.

4. Prototyping and Experimentation: We create prototypes or minimum viable products (MVPs) to evaluate the innovation’s appeal and functionality with potential customers. Through experimental research methods like A/B testing or controlled trials, we gauge customer response and willingness to pay. 

5. Analyzing and Validating Findings: Utilizing applied research methods, our team scrutinizes data collected from preliminary research, action research, and experiments. We validate hypotheses and refine market size estimates using statistical analysis and modeling techniques. 

6. Forecasting Market Potential: Insights gleaned from our research findings inform our projections and forecasts of the potential market size for the innovation. We take into account market growth rates, adoption curves, competitive dynamics, and external market drivers, employing scenario analysis to explore different market scenarios.

7. Iterating and Refining: Continuous iteration and refinement form the core of our approach. We update market size estimates based on fresh data, insights, and feedback garnered throughout the research process, ensuring the accuracy and reliability of our forecasts. 

By leveraging our expertise in research methodologies and structured approach, businesses can make informed decisions, mitigate risks, and maximize the impact of their innovations in the marketplace. At Knowin, we are dedicated to helping businesses unlock the potential of unknown markets and drive success through innovation.