The question that you will probably hear a thousand times from so many different people is: ‘Is there a market for your idea?’ Especially when it comes to the investors, as this one is their favorite! If you are new to entrepreneurship and if you haven’t tried selling something or marketing a product or idea, this article will give you some good points as to how you can start developing your strategy.
You always have to be prepared, because ‘the market’ does not appreciate ‘not knowing’. That is why you must always do your homework and research the upcoming trends, your target group, your competitors and what makes your idea unique. This process will take the most time, but in the end it will give you a great overview if there is a market for your idea.
After collecting all the data from the research phase, it is time to analyse it. This will help you oversee what your competitors are missing and how you can improve your product in order to achieve your goals.
At this point you will already know if there is a market for your idea. If the two previous steps are fully executed, you will be able to develop your market strategy and start conquering the world with your great idea.
Think or you’ll sink
All three steps are vital for developing a successful strategy and creating a market for your idea.
But it is no picnic ‒ a fact that is acknowledged by Canadian computer programmer and internet entrepreneur Ryan Holmes.
“As an entrepreneur, one of the biggest challenges you will face will be building your brand,” he contended in an article on fastcompany.com in 2012.
“The ultimate goal is to set your company and your brand apart from the crowd. If you form a strategy without doing the research, your brand will barely float ‒ and at the speed industries move today, brands sink fast.”
Here are three steps that should help you market your idea.