Most times businesses don’t actually fail because of low capital or even inadequate funding, they fail at times due to inadequate research, low testing and low market demand. You might have an amazing idea but the market demand for it might be very low.
In this article we would be talking about how you can validate your business idea, forecast profits with adequate data and also understand market demands. Let’s get started.
Find a profitable niche: This can be very tasking, but believe me it’s worth it as ignoring this and accepting an idea because everyone says it’s a good one will cause you problems in the future.
Understanding and using leverage: Leverage is a very important factor like outsourcing your weaknesses and focusing on strengths this will help maintain your sense of focus and also enable you keep track of your progress.
Get Feedback: Pitch your ideas and see which ones they like the best. You can set up a free survey using Google Forms to send to your contacts. Since your friends and family might be biased, you also want to pitch to people you don’t know. You should talk to real potential customers about their needs, wants and expectations.
Why?: “Why?” is by far the most important question you can ask. With it you can get closer to the truth from customers. understanding why your customers are purchasing your goods or services will definitely go a long way in assisting your marketing efforts and not only that, it will also keep you informed on consumer or customer behaviour.
Product Concept: Answering key questions that you can go out and test. These are your assumptions and the sooner you can test them, the lesser risk you will have when launching your product or service.
Examples of them product concept questions are:
- Who are your customers?.
- What problems are you solving?.
- How does your product or service solve problems?.
- What are the key features of these products?.
Hope we all enjoyed the article let us know what you think in the comment box.