Find your market or perish, we need to understand this….
A very big challenge encountered by startups and wannabe entrepreneurs is finding customers. Often times, beautiful products and services are created for nobody or everybody and it becomes difficult to sell.
This problem is half-solved if you invest a substantial amount of time to “IDENTIFYING YOUR MARKETS” Being able to identify and develop a product based on the needs of potential customers is the key determinant in the success of any business or service.
In order to know what will sell (and what won’t!), entrepreneurs need to examine the market in which they want to operate. They need to know where their potential customers are and what they are willing to pay for the product or service.
Successful entrepreneurs also need to examine their own strengths and weaknesses and structure their business accordingly.
My objective for this thread should help you know;
1. How to identify markets.
2. How to research your idea.
3. How to determine your skill set.
Key Discussion Questions:
1. Looking at your community, identify the key groups of consumers and your assumptions about their income levels and buying habits.
What trends do you see? What products or services have you observed that are missing or inadequate? Is there an opportunity there?
2. Discuss how you can perform market research in your community. What information will you need to collect? Identify the optimal methods for collecting market data.
3. Think about what role you find most interesting as an entrepreneur. Identify the skills you bring to that task. What other jobs/roles would need to be filled to launch your idea?
Key Developmental Actions:
1. Design a market research plan and questionnaire for a product, service or idea that you have. Create a schedule for performing the research and implement it.
2. Write a pitch to a potential investor identifying your idea, justifying your presumptions with the market research you’ve collected.
Identify what role you would play in the company based on your interests, strengths and weaknesses.
By the time you have completed this circle, you should be proud of yourself. You have gained enough clarity to solve the remaining 50% problem – How to get to your market!
This would warrant you to learn how to market or hire who knows how to market.
Once again, Find your market or perish
By Owen J. Shedrack