Know Your Market - BizResearchLabs
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No doubt Startups ought to know everything about the market they are playing in. Here is why understanding your market is important for a startup and how startups can go about it.
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Know Your Market - BizResearchLabs
- 7. Small or Unscalable Idea No Competitive Research - Wrong Market Positioning No Go To Market Strategy No Focus No Flexibility - Know when to cut losses No Passion or Persistence Wrong or Incomplete Leadership Lack of motivation No Mentors - advisors No or bad revenue model Less capital than needed No long term roadmap to ROI Bad luck or Timing Source : Forbes.com
- 11. I am going to be a crorepati ! because • India’s population is 1.2 Billion • Atleast 1-2% of the population will use my product
- 12. I am going to be a crorepati ! because • India’s population is 1.2 Billion • Atleast 1-2% of the population will use my product Galat Jawab
- 13. Top Down Bottoms Up • Industry analysis number • Split into different segments • Divide by geographies • Potential sales • Where can we sell the products • How often can we sell it • Revenue forecast
- 14. There is demand out there for your product/service The demand is huge and growing You can capture that demand by achieving productmarket fit
- 15. Research Reports Google Ads Dashboard Facebook Ads Dashboard Google Forms – for surveys Google Trends Twitter Search Alexa Mystery Shopping Mailchimp
- 16. Identification of individuals or organisation with similar characteristics so that you can chose a similar marketing strategy. Advantages : Target market selection Focus Differentiation Tailored marketing strategy
- 18. Measurable Large enough to be profitable Reachable Responsive 18
- 19. Reach out to your consumer Interview Consumer Survey Use Google forms/Social Media Speak to your channel partners Get your MVP rolled out quickly Sell ! Sell, even before you launch
- 20. Brand positioning is how the brand is perceived in the context of competitive alternatives. Positioning is owning a piece of consumer’s mind Positioning is not what you do to a product but what you do to the mind of the prospect
- 22. 1. WHAT: Problem • What is the problem you are trying to solve? 2. WHO: Customer • Who has the problem? 3. HOW: Product/Market • • • • • How do you solve this problem? How big is this market? How are you going to reach this customer? How do you drive demand? How will you make money?
- 23. Competition can be good Some competition means there is a market for your product/service – it is a validation ! There will be competition - if not direct then indirect Look for indirect/ substitutes Find out and articulate the following: • Who are your competitors? • What makes you better, faster, cheaper, unique? • What is your unfair advantage?
- 24. Threat of New Entry Supplier Power • Are entry barriers high enough ? • Do you have a competitive advantage which can not be copied • Are you too dependent of suppliers ? • Switching cost from one supplier to another ? Competitive Rivalry Threat of Substitution Buyers • How many substitutes for your product/service ? • Relative price performance of substitutes • Buyer concentration Vs Product/Service concentration
- 25. Startups fail because they fail to develop their market, not because they fail to develop the product, in most cases. Being overly obsessive about ideas and ignoring the customer pain point is most common mistake founders make Spending too much time and money on developing the product without speaking to customers can be dangerous
- 26. Build fast, get the feedback Find customers even before you launch Learn from feedback & make changes How do you go about it ? • Talk to your potential customers • Deeply understand their needs • Write down what you have learned