"You can have a brilliant idea, but if you can't get it across, your brilliant idea is worthless." - Albert Sabin.
This is a good quote to remember when developing strategies for your business. Having the best idea or product in the world does not mean you will succeed if you don't execute on development, marketing and sales. So let's look at some of the strategies used by businesses that are currently thriving in their industries:
Identify the problem and solution
Once you have a problem and solution in mind, these considerations should help you to identify your unique business model.
Is this a unique problem?
Will this solution work for my industry?
Is this solution feasible? (Can I pull it off?)
How much will it cost me to implement the proposed solution? Can I afford it without taking on debt or diluting my ownership stake in the company? Will people pay for it once they realize how much money they could save by implementing the new process (or tool/service)? Are there other companies out there doing similar things that might create competition for me later on down the road—and if so, how does their pricing compare with mine? Do I intend to expand into other industries one day or build up an empire through acquisitions, mergers and product licensing agreements; if so, then perhaps now is not yet time for me to launch my own business because building those kinds of relationships takes time and capital resources won't be available until after launch occurs
Market validation is about testing the market to see if the problem is real. It's about testing the solution to see if it solves the problem. And it's also about testing your business model to see if you can make money.
Its majorly about identifying and prioritizing your target customer segment, formulating a hypothesis for why they have that problem (what you're solving), developing a prototype solution, and making sure you're building something people want by validating whether they'll pay for what you offer.
Establish Product/Market Fit
Product/market fit is when a product meets the needs of customers in a way that they are willing to pay for it. If you cannot answer the question, “Who are our customers?” and if you cannot describe your product in terms that would appeal to those customers, then you do not have product/market fit yet.
The best way to achieve product/market fit is through experimentation and iterating on your idea until it solves a problem or fills a need for people who are willing to pay for what your offering.
Being in a sustainable market means that there will always be enough demand for what you're selling so long as you keep offering value at the price point they can afford (or lower).
Develop, Test, Measure & Iterate
Once you have validated the existence of the problem and you are able to establish an alignment with the solution your are proffering, you can begin to;
Develop the product – create it
Test the product – test it against the strategy to make sure it’s what you think it is (or to find out if you need to develop a better version)
Develop the strategy – define what success looks like and how you will measure that success, then align your marketing and sales teams around that
Measure the strategy – using sales techniques as well as qualitative data from customer interviews, put together a plan for how to measure your goals (i.e., monthly revenue targets). This should include both short-term and long-term goals, so that you can see how each one affects the other
What next?
We know founders are passionate about their ideas, and that’s why we always seek to help. But first, make sure you are ready for this. We want to make sure that you have the ability to execute on your vision. We want all of our partners in this journey to be successful at every step along the way (and beyond). So if you are looking to:
Identify your problem and solution statement
Validate that there is a market for your product or service. Establish product/market fit
Refine your existing product
Formulate more concrete strategy around development and growth.
Communicate your idea, solution, business model, vision and strategy
Business Strategy • Business Growth • Product Development • Design Thinking • Product Market Fit• MVP Development
