Six steps to succeed in the market plan
A good market study helps reduce business risk. Know the steps to investigate the target audience before showing a product.
The success of a company does not lie solely in the volume of its income or the balance of its financial results. It lies in the market research that you put in place.
#1. It is very important to recognize if you are taking a market opportunity or not. For this, information must be obtained regarding the existing trends, if the sector in which it is intended to enter is a growing sector or not, what is the status of that sector (customers, competitors, suppliers), positive and negative factors of the environment, government policies, barriers to entry or exit, among others, in such a way that existing opportunities and threats can be identified. This exercise can be done through the search of studies made by reliable sources and it is suggested to make a search from several sources.
#2. On the other hand, many of the failures are more for lack of customers than for errors in the development of the product they plan to offer, which is why, in the early stages of the companies, it is necessary to apply an agile test methodology and error, that allows proving that the idea that is being considered is accepted by the market and even more, that there is a market that has unmet needs that need to be resolved.
#3. It is usually thought that conducting market research is a costly and burdensome task, and this task is left aside, believing that the ideas we come up with fit perfectly in the market, without thinking that we can be following a path that leads us Direct to the precipice.
#4. When you do not have the resources, you can use agile validation methodologies, which help a lot to approach clients and build a value proposition from your hand. An example of this is the Lean Launchpad methodology, designed by Steve Blank and Bob Dorf, which allows, in a practical way and based on real contact with potential clients, to validate the potential of an idea in the market, in such a way that very quickly, the entrepreneur can count on elements of judgment to develop successful and sustainable business models.
#5. Carrying out a client discovery process is very important to determine if you are betting on solving a problem of great relevance for the market segment that has been identified, which is done through interviews (not surveys). In this process it is essential to know how to read the client’s emotion when asking about their problems and see how they are currently being solved (it is not the same to obtain a response of the type: “Yes, that worries me!” That a response of the type:??? That has me sick, I really need to solve it, it does not let me sleep!?).
The fundamental purpose is to understand the client, what are his worries, his fears, and his frustrations.
#6. In addition, you should investigate what the competition offers and what are the gaps in your offer in the market, because it is in this process that you start to build a value proposal that is differential and why not innovative, that aim to solve the?? Great problem?? Identified.
Results The results that this process yield are very important, since they allow us to understand if you are facing a real market opportunity, if there are customers for the product or service that you intend to offer and if you are willing to pay for it.