Archive for the ‘Market Research’ tag
Deciding on Business Plan Versus Model
Ran into this great blog post yesterday about the steps you should take in launching your small business or product. The post is saying that you should approach potential customers first before you get too committed to building the product. The whole philosophy here is that you should let the customer guide you in the process instead of coming up with this great idea, build the product then no one wants it. Sometime you end up building something totally different after checking out the market place.
In the world of internet marketing, this is actually easier process as you can look at keywords, setup test pages or even design a quick survey and put it on pay per click or other platforms. If your product is B2B then you may not get much help from the Internet, you will need to find businesses that could be customers and ask them how they think a specific problem could be solved or present your idea and ask for feedback.
As the article says, when you have good feedback, then getting funding is way easier as now you have lots of interest out there in the market place. Take a simple example, you run a survey online for a product that would sell for $1400.00 and you get up to 20,000 responses with an affirmative interest in this product, do you think it would be hard to get someone to help you pull this off?
The issue in this article is not that you should not do a business plan as that is important to write down what needs to be done. Instead the writer is saying that you should look at how to increase your success factor closer to 100% by knowing what you need to be doing from your potential customers.
You can read the full article here at Business Model versus Business Plan