How To Ensure Your Next Business Idea Will Succeed

Every day, aspiring entrepreneurs come up with the next “big idea.” However, how many of these revolutionary breakthroughs actually become products or gain enough traction to become companies? The answer is: not many.

While I am not trying to discourage you from dreaming and drafting, I want to explain some simple steps that you can take to give your ideas a better chance of success. Here they are:

Ask the Right Questions

One of the best ways to set your company up for success is to ask the right questions. Here are a few questions that should give some light on the potential effectiveness of your business idea:

What problem am I solving?

This is perhaps the most important question you should be asking yourself. If you can’t clearly and thoroughly identify the problem you are attempting to solve, chances are you are not going to succeed.

Sure, some companies can be made without addressing any particular problem, but the fact is that companies like this are not likely to succeed. Clearly identify what your product fixes or helps out with and set yourself up for success.

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Who would buy my product/service?

Thinking about who is going to buy your product is the next logical step. This will help you identify who is having the problem that you are solving and will also help you craft the correct marketing strategy.

Why would they pay for my product?

This question is going to help you justify your pricing and structure your sales strategy. There has to be clear value in what your providing, or no on will buy it.

Confirm Your Hypothesis

Before heading out and getting your product designed or website made, consider confirming the answers to the questions above. Yes, this means going out and doing in depth market research.

If you think you are solving a particular problem, you should go out and confirm that this problem actually exists. This can be done with surveys, focus groups, interviews, etc. Find out that the problem is real and clearly identify all aspects of it.

Get Early Buy In

In doing your market research, you may even have the opportunity to get some early buy in. This means that people may be willing to confirm that they would purchase the product you are building if it existed.

This is the BEST form of sales and marketing.

Execute and Be Transparent

I am a firm believer of transparency. Don’t try to confuse or trick your customers into paying you money. Instead, involve them in every aspect of building the product, pricing the product, and selling the product.

After all, the problem you are solving is most clearly understood by the customers you plan to sell it to.

Follow Up

After you have released a product, don’t step down. Continue the above process to identify new market needs and customer recommendations. The last thing you want to do is let your company stagnate.

Great ways to follow up include:

Customer Surveys

Customer Feedback Requests

Customer Focus Groups

These are just a few ways to get the feedback you will need from your most important clients and customers.

The key here, as you may have noticed, is to always keep your customers in the loop. This will set you up for transparency, respect, and success.

This article was written by Jeff Michaels of Survey Examiner, a company that identifies the best market research companies for prospective survey-takers. Check out the blog for topics like “finding a great survey site” or “online jobs for 17 year olds.”

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