The Entrepreneur's Minute Blog
Category: Market Research
Even the pros bat less than .500. And the pros have marketing departments that conduct research and focus groups. They can afford advertising.
Niche markets are a great strategy for startups. They tend to have unique needs that are not being met by the big companies. They are more accessible, generally more forgiving and usually very loyal; all things that favor the startup.
Read “If You Build It, Will They Come?” by Rob Adams
BloggingGazelle is published daily by Shawn Carson
This is bold advice from “If You Build It Will They Come?” and it flows in parallel with the customer discovery process. Rob Adams just put some numbers on it.
Understanding your value proposition and market is important. So important that Adams recommends two full months of effort to nail it down. Allocating budget means get out of the office and talk to people. You can’t Google your way through customer discovery. Go to trade shows. Talk to industry experts and leaders in your market segments. You may consider buying a market research study from one of the leading research firms. They aren’t cheap.
Doing this before you develop the product helps reduce the risk that you make something no one wants to buy.
It’s cheap insurance.
Read “If You Build It, Will They Come?” by Rob Adams
Blogging Gazelle is published daily by Shawn Carson
Planning is important. Analysis is as well. It is useful to search for patterns that could reveal some repeatability and predictability.
You need to do the market research and you need to pour over your financials, but as Pete Seeger wrote, there’s “a time for every purpose under Heaven.” Planning and analysis must soon end because neither generates cash.
Confirm your instincts, get the data for the pitch and make sure the numbers tie together. Then go get your product in your customer’s hands!
Read Reality Check by Guy Kawasaki
Blogging Gazelle is published daily by Shawn Carson
