In case you were thinking about starting your business and wondering what it’s going to take to find your little small business grow to an independent adult that can one day stand on its feet and take care of you and your employees years and years to come, then you got to know what you are getting yourself into.
According to the stock market, Your business probably going to fall in one of these 11 major sectors representing key areas of the economy.
- Consumer discretionary.
- Information technology.
- Communication services.
- Real estate.
There is no single service or App idea or a product you could think of creating that it doesn’t exist already. and here is the thing, if your idea is coming with something new then please and I beg you to do your homework and check if it’s actually new as you think its and I think it won’t if you did good research but if it was I would be the first one to jump in and want to invest in your startup. but even if it wasn’t that’s totally fine. why you say? because of the second tip, but let’s highlight the first one first!
1. Market Research
“So you won’t go in blindly”
Market research is the first step after coming up with the business idea to take, because:
- It is crucial for a better understanding of your customers
- Knowledge about your competitors, and how they approach the market
- Identifying market opportunities, like your added value, foreign market expansion
- Testing your product/service before launch
- Knowing what to expect and the process needed.
- it’s important when setting your growth strategies
Once you did your market analysis you will be able to see where you stand and navigate the areas you are targeting to compete among. whether it’s the audience demographics that your product or service targets or what market your business could grow faster that of course, if your business idea has the accessibility to be multinational.
But the most important step to take after is setting your strategies, understanding your product and reaching a settled definition to it. so you could start drawing the best road map for it for the first quarter to the 5th year strategy. Collecting data and learning from your competitor’s experience and studying their product will help you to define yourself amongst them.
What’s the added value of my product/service offering?
Example: Some young excited entrepreneur launching his App came up to me pitching his App idea, which is identical to 3 existing globally dominant Applications offering the same service. Now it’s important to say that there is nothing wrong with that because we are living in a revolutionary world were all innovative ideas and services have been created and offered with different options having the luxury to pick and choose and yet buying customer loyalty is higher than ever. However, when I asked him this question he came up with super difficult to apply and unstudied services to add to the current offering to make his idea stand out. losing the definition and trying more the mixing and match concept. This could cost you all your fund investment. so Don’t!
Make it Simple yet Neat!
It could be customer service, or speaking to specific demographic other competitors are not focusing on, or what proved to be always succeeding is “Character” managing to create a special character and sentiment to your brand is the key success factor in establishing a connection with your target customers. feel free to check this research on luxury fashion brands and how they were able to print their mark and communicate with different audience generations globally.
So before thinking about marketing or customer acquisition strategies, work on your product development strategy first, develop internally all the missing elements. Any mature business went through multiple stages and it starts with the development stage. A good business plan is one that sets a business-life path. Every effective business runs on a collection of plans that are continuously reviewed, ensuring it continues to meet its needs. This also helps to identify potential strategic growth strategies for the business.
3. Product Development
Bringing your vision for an original product to life is frequently one of the biggest hurdles for aspiring entrepreneurs. The product development process can seem almost mysterious, and when you hear the origin stories of other great businesses, the journey to a finished product rarely resembles a straight line.
First, start by introducing the new product or its prototype to a very small market to collect feedback and understand what should be improved before a full-fledged launch. In this step, the company can conduct user acceptance testing, also called end-user testing or validation — a type of quality assurance activity . After test marketing, you may need to modify some features or design elements to make your product more useful and attractive in the eyes of your targeted customers.
After testing the market, the company can finally concentrate on a large-scale launch of the new product in the mass market. This step is no less important than generating a unique idea or development of a potentially game-changing technology.
The introduction of your unique solution needs to grab the attention of as many people as possible. Three aspects are critical for launch success:
- customer awareness. Support the introduction with advertising, direct social media or email marketing campaigns, and other promotional. efforts that help you build excitement around your offering.
- competitive pricing. Determine the price based on covering cost and what the market will bear.
- proper timing. To pick the best time for kicking off your product, consider your schedule, launches by your competitors, and user readiness to adopt your solution. However, you can’t predict and control everything. Once the launch date is announced, try to stick to it.
Developing a product is a never ending process, your new product should be associated with a big idea that resonates with your customers on a continuous matter. There are many processes, practices and methodologies associated with product development that we will be handling in coming articles.