As an entrepreneur ideas come to us all the time. We have a vision of how we can change the world with your product or service. We dream about how our idea will make everything all better, and how our customers will love us for it.
Most business ideas are birthed from a need to solve a problem. The problem solving business idea comes to us in a moment of brilliance. Then the dream begins… We can instantly see happy customers, and piles of money rolling in. But, what we really see is a perfectly created business scenario manufactured in our imaginary world. A world where our product easily finds the customers in need, at the perfect time when they need it. Our business idea flies in, saves the day, and our customers are more than happy to cough up the cash. Big Money! Big Money! Big Money!
I was once told that “Ideas are shit, without execution.” Honestly, I believe it’s true. Only 4% of the people with great ideas actually do the work to make that idea a reality. Still today, with all of our opportunity and access, 96% of idea holders are not taking action. Although a marketing plan is necessary for success, you better make sure that there is a market for that idea to begin with.
Meaning, if you think it can be a great business, take action after your brilliant idea to begin the real business execution. Be the 4%!
Now, this step is kinda boring, but you will learn to love it after you see how how much time and money it saves you. This step will help you see whether you have a business opportunity, or simply a hobby.
So before you go out and rent the space and start to cash those big ole’ checks, I urge you to ask a few questions about your new idea, or even current business to understand if a market will support your idea.
Answering these questions will do the following;
- Identify if there is a market or markets that can support your business idea
- Uncover ways to market your product or service to your potential customers
- Find blind spots in your idea or business that can expose you to be replaced by competition
- Find markets where competition is the low
- Uncover potential new products or services you can offer that can compliment your original idea to increase revenue
- Price your product or service
Market Opportunity Questions
Take your business ides of current offerings through these few steps;
- How unique is your product or service in that market?
- Does you potential customer have a problem that your particular product or service provide a solution for?
- Is your potential customer currently solving this problem with and alternate product or service? If they are, wha are they paying for it?
- If there is not a current competitor in this market, is your potential customer aware they have a problem that your product or service can solve?
- How ofter does your potential customer have this problem?
- How often will your product or service have the opportunity too provide the solution?
- If there is a competing product in this market how does your product or service compare in price?
Marketing means convincing your target markets to purchase your merchandise, creating a great client connection is an investment for the business. Marketing is the investment that your brings returns in the forms more customers and more revenue from sales.