Business Idea Reality Check
When was the last time you took a step back, removed the rose-coloured glasses, and seriously looked at your business idea? Chances are, it's not as impressive as you thought.
Last post, we looked at the need for development of a solid value proposition. This time, we'll step back and look at a common malady – falling blindly in love with your creation.
You’ve been slaving away at the workbench for months, labouring late into the night, putting all your relationships on hold, and trying to ignore the no-nothings who freely offer advice on how you should do it.
But it was worth it because you have this fantastic, whizz-bang, product or service that’s going to take the market by storm. Now it’s ready to launch. All it needs is some marketing.
Hold on there, Binky. Has anyone told you yet that, well, your product or service stinks?
No? Then you better find someone.
Why? Because, you’re probably in love with your creation. You can’t see the wart on the nose, the eye that’s slightly askew, or the extra kilos around the waistline.
Of course, that product is the greatest thing since sliced bread. Of course, that service is going to revolutionize your industry. Of course, that book is going to immediately ride to the top of the best-seller list.
But one of the most common hazards of creativity is that you become fitted with blinders when viewing what you have created.
I know, you don’t want any negative thinking here. You want people to pat you on the back and say “good job.” You want to be praised for all your dedication. You want affirmation that it was all worth it.
Of course you want all that. You’re only human. But what do you really need?
You need someone to look at that thing you’ve given birth to who’s dispassionate, someone who doesn’t care one bit, someone who’s kind of cynical, and cranky, and irascible.
You need someone to tell you your baby is ugly.
Because then, deflated, you will come to some realizations.
Realization number one: You should have kept a better eye on the market while developing. Realization number two: You should have done a little more research before you created it.
Or, you might just realize that your real task wasn’t simply creating that product or service, but crossing the proverbial Valley of Death that leads to successfully commercializing it.
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Marketing Research
Submitted by Barry Hartman on Mon, 2012-02-13 21:13.Mr. Wanless mentions some excellent points here and a lot of it boils down to one question. Have you performed enough market research to understand if your product or service offers any value to your target market? If the answer is yes, and you have justifiable and reasonable backing (ie numbers) to prove it, than you can proudly say you have passed step 1.
Step 2 is the hard part. After your business is off the ground, take an unbiased sample of your target market and get their opinions on what your business is doing right and wrong. Don't take it offensively, rather as constructive criticism, and improve your offerings. You can choose to ignore peoples critiques, but chances are they are voicing their opinion for a reason; especially if they are past clients.
Barry Hartman
Co-Founder | 505-Junk