Continuing from yesterday’s post , you have identified what you think is a good Market to enter. Now if you have been working in the overall market with your offerings and you chose the Single Target Market based on that knowledge, then you have a good place to start.
But if you’re coming out with a new product or service and you don’t have knowledge and you have chosen the market based on “armchair ” thinking, then you can be in for a big shock if you deploy all your resources for this.
In these situations, especially in the case of B2B where there are too many moving parts, you need to be testing with limited investments.
Its happened multiple times with me, that the market-product match which I had thought of, for my single target market, didn’t materialize or it took a much longer time to materialize .
These things happen because while you may have observed a niche in the market there’s no “market” in the niche. And this could happen, as an example, because that there’s already a solution to the problem which you are solving and its much easier to use / lower cost or any other reason.
You can only figure these things out if you’re testing. After feedback from each test you tweak a little and test again, till you start getting a response. That becomes your base from which you start.
This testing need to be on the product itself, it could be on the market, it could be on the people that you’re targeting in the company. After testing you may realise that the solution does not have a significance for the specified problem, but when re-purposed, it can be a best seller.
The faster you can do the iterations, the quicker you’re to pick up the market.
Till next time then.