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Competitive analysis - Finding A Market Fit From The Start

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Business doesn't start with an idea, it starts with an audience to serve. Find out how to analyze your audience FIRST to build a successful business.

Largely borrowed from/inspired by @amyhoy's 30x500 course.

Competitive analysis - Finding A Market Fit From The Start

  1. 1. Competitive Analysis Finding a Market Fit From The Start
  2. 2. Your Market• Your market are your customers• Your market is not your community• Your customers are your audience• Your market is your audience
  3. 3. Where a Business Comes From• Find a Good Audience• Get to Know Their Needs• Learn to Understand their worldview• Define their - and your - constraints• Use it all to craft a compelling offer
  4. 4. Where a Business Comes From• Find a Good Audience• Get to Know Their Needs• Learn to Understand their worldview• Define their - and your - constraints• Use it all to craft a compelling offer
  5. 5. Notice something?
  6. 6. No Ideas Yet
  7. 7. Businesses don’t start with ideas
  8. 8. What happens when you start with an idea?• Verify• Explain• Find people who will pay• Revise based on feedback (if there’s even customers)• Guess and check the price• Always wonder about other similar ideas
  9. 9. Are you serving an idea?
  10. 10. Are you serving customers?
  11. 11. hint: your idea keeps asking to borrow money
  12. 12. Exchangedon’t you want somebody to love
  13. 13. Problems with Problems• No idea who wants a problem solved• You lack the ability to sell it to people.• They don’t know they have a problem.• They don’t care.• They don’t see it as a problem.
  14. 14. Your Audience• Will you enjoy working with them?• Do they pay for things?• Do you understand the audience?• Do they understand you?
  15. 15. Good Ideas Come From Good Audiences• What problems do they • How do they look at have and want to solve? their problems?• What are they missing? • Can you solve it and solve it well?• What do they need? • How do they think• How do they want to about and quantify hear about it? value?
  16. 16. And that’s whereideas come from.
  17. 17. Learn Quick from Levi Strauss
  18. 18. Learn Quick from Levi Strauss• Look for gold rushes, not gold• Serve the prospectors• Seek the gold in what you already have and know
  19. 19. DFCR
  20. 20. DFCR• Demand • Cost How badly they want How much does each it sale require to acquire• Frequency • Revenue How often do they How much money want it each sale generates
  21. 21. DFCR for Indy Hall 1.0• $4000/month Target• 25 x $160/per member • Demand - Low to moderate • Frequency - Monthly (membership) • Cost - Low • Revenue - $25 (moderate to high)
  22. 22. DFCR for Indy Hall 1.0• $4000/month Target• 160 x $25/per member • Demand - Low to High • Frequency - Monthly (membership) • Cost - Moderate • Revenue - $160 (moderate to high)
  23. 23. Reality?
  24. 24. 3 levels of Membership• Basic $25 = 50+• Lite $175 = 15+• Full $275 = 30+• Bonus points - membership presales
  25. 25. Where to find a Good Audience• Signs of life.• Signal-to-noise ratio.• Do people talk to each other?• Are there regulars?• Themes & topic patterns.• Helpers.
  26. 26. The Marla Singer Effect
  27. 27. Where to find an Audience?
  28. 28. Use Keywordsin the Google your audience name +
  29. 29. Listen & Lean
  30. 30. Now is not the time to pitch
  31. 31. Things you need to learn• Do these people try new things• Do these people pay for things
  32. 32. No? Move on.
  33. 33. Yes? Learn more
  34. 34. Having trouble?
  35. 35. You’re not special
  36. 36. Excuse #1: It seems hard• No shit. Put in the time, it’s worth it.
  37. 37. Excuse #2: It’s taking forever• What’s your hurry? It’s not any more fun to stand around all day with a product nobody wants or you can’t sell?
  38. 38. Excuse #3: My Audience Isn’t Profitable• Is there a business counterpart to your audience? Think creatively.
  39. 39. Excuse #4: My Audience Doesn’t Seem To Buy Things• Remember, you don’t need your ENTIRE audience to buy things. Just some of them.• Turn the audience around.
  40. 40. Excuse #5:I don’t Like My Audience• They probably don’t like you, either• Turn your audience around
  41. 41. Excuse #6:I Can’t Find My Audience• Look for more specific versions of the same name• Look for in-industry terminology
  42. 42. Questions?
  43. 43. Thank You!@alexknowshtml - alex@indyhall.org

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