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Startup Market Validation To Attract Customers

Startup market validation to attract customers. When you are starting a new business it is important to do your due diligence to make sure you are starting off on the right foot. Follow these solutions and you will make sure you are coming to market correct!

MY NEW BUSINESS NEEDS A STARTUP MARKET VALIDATION TO ATTRACT CUSTOMERS

SOLUTION ONE

Have a well-defined problem you’re solving

SOLUTION TWO

Develop a value proposition

SOLUTION THREE

Get potential customer buy-in

SOLUTION ONE

Have a well-defined problem you’re solving

A problem you’re trying to solve defines what people will be willing to pay you for. It could be as simple as “the waiting list at the local grooming salon is two weeks” or as complicated as “prostate cancer polyps are missed with current ultrasonic imaging techniques”. Whatever that problem is, you business should attempt to solve it. Problems can also potentially come from competition, for example if your though process is that the local Indian restaurant is terrible and you want to make a better one.  However, be careful of this type of problem definition as it’s always possible that someone can come along that is even better than you and take away your market share.  Also, brand loyalty, especially when it comes to local service or product suppliers, is exceptionally strong.  Just because you think the local Indian restaurant is terrible doesn’t mean everyone else does.  One important thing to note – many times, customers won’t even be aware that they have a problem.  Part of your process of problem definition should be to work on ensuring that customers are aware that they have a problem in the first place.

 

SOLUTION TWO

Develop a value proposition

Once you’ve defined a problem, you need a well defined solution to that problem, or value proposition.  If you think the local Indian restaurant is terrible, that is a problem. Your value proposition then might be to will create a new Indian restaurant in order to fulfill the demand of Indian food lovers in your area.  The value proposition must directly address the problem definition.  If the two are aligned (ie you make a Thai restaurant to make up for the lack of good Indian food), then you most likely won’t have market fit.  If you’re making a physical product it is important to have an explicit relationship between the product and the problem you’re trying to solve.  If there isn’t, then rethink the form factor or use of your product before going through with the rest of the market validation process.

SOLUTION THREE

Get potential customer buy-in

The best way to validation your value proposition is by having customers asking for your product or service even before you’re selling it. Sometimes this happens organically, such as your neighbor complaining that there are no good Indian restaurants. But sometimes it requires more legwork and outreach. The best way to reach customers if they aren’t asking you about your product or service is to ask them. If you’re thinking of offering a product, get some people to sign up to be “beta testers” that will test your product and give you feedback on it. Specifically, ask them if they would be willing to buy it themselves, or if they would buy it again if it’s a consumable. If you’re thinking about offering a service, offer it for free to a few people to see if it’s something valuable, and ask them if they would be willing to pay for it again. One important thing to note – people will say that they’re interested in something even though they might not be to make you feel better. Try to dig into their real reactions by making it clear that you won’t be upset if they provide negative feedback.

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