TheUnemploymentDojo's Blog

How Are You Testing Your Market?

Posted on: January 23, 2012

Well by now if you’re in business you must have realized that before you create the product, it may be wise to do some market research. This is where you create some sort of survey or you go and ask people questions or simply get data from research firms that have compiled reports. Now for ages successful businesses have been built using this same strategy but the greatest problem is that the data might not be as credible as observing and interacting with someone consuming your actual product or prototype in their natural element. In the eyes of the consumer, nothing awakes their enthusiasm like the true “feeling” of having an interaction with your product. It gives them the pride of ownership. The feel of experience and the reality of tangibility. Build it! Real life experience of the product beats filling out a paper or answering questions about the product. The problem though is that we focus all our time energy and emotions building something that no one wants to buy! The strategy then is to create a “skeleton” with the sole purpose of  answering these two questions.

  1. What value can you offer the consumer?
  2. What is the growth potential of the offer?

The skeleton must provide the bare idea in it’s all limited form,cost and time to create. The idea here is to gather as much information that answers the above two questions. Problem is lots of times we as entrepreneurs believe in our ideas so much and invest time,money and even relationships, building something that no one wants. Then our feelings get crushed so so badly we eventually abandon the project entirely when all it needed was just a simple tweak. On the other hand we could also get in to paralysis analysis syndrome and do absolutely nothing due to the overwhelming information knowledge. The ideal is to create the skeleton, try sell it,learn,rebuild the skeleton,try sell it,learn again and repeat this cycle as you implement new intel in to your product creation and scaling.

It’s the smart green way of doing things with minimal waste!

Have a wonderful Friday.

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Lee Kariuki
1-888-MY-ETHER ext. 04466282

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