Building a Foundation: Understanding the Market
Updated: Apr 21, 2020
"Bring it to market!” are the encouraging words your great support system, comprised of family, friends, and, professionals, have instilled in you while supporting your dream to pursue your brilliant ideas. It’s all very exciting, but…now what?
The world of business can be a complex and chaotic place. With a sound foundation, you can ensure that your company, not only survives the storms to come, but, emerges even stronger than it was before the trials. Prior to making that leap-of-faith into the market, there are 5 key steps that must be taken.
1) Understanding the market that you are serving
2) Taking inventory on your competition
3) Identifying your unique value proposition
4) Ensuring that your idea uses carefully thought out technology that will help improve front-end
customer experience and back-end infrastructure
5) Aggressively moving forward with caution.
Part 1: Understanding the market
Understanding the market, you are serving, is one of the most crucial steps to building a foundation for your business. When starting a company, it is important to find a niche in the market and provide them with a good or service that either, creates a new solution to a problem, or, offers a better solution than what was previously available. Therefore, when thinking about your idea, make sure you examine the existing market to see what’s out there, and more importantly, what’s not.
Being able to see gaps in the market and create valuable solutions to fill those gaps is the best way to achieve success. Industry articles, targeted consumer surveys, and interviews with industry professionals, should all be pursued to help with this process. This, in turn, adds focus to your vision.
As you begin to define your business concept, and better understand your market, it is important to study other companies in that industry. Taking inventory on your competition will be discussed in the next perspective! Stay tuned for more!