S7 E6 Be sure your business will make money before you launch – Get the basics right with Jeremy Gray
- S7E6
- 12:59
- October 20th 2021
Episode 6 Demand Validation – Get the basics right.
Can be thought of as internal research or desk top research. Use sources that are available to you to start to refine your ideas.
Use the three questions you asked yourself in Episode 5 to begin your demand validation.
Objective is to confirm that your potential customers really have the problem you think they have, and they would be interested in your solution.
Avoid confirmation bias.
People searching for solutions often use Google. Find out what people are using Google for.
Use Google’s Keyword planner or Moz’s Keyword Planner to find out how many people search for specific words or phrases.
Make a list of the terms you think people will use when searching for a solution for the problem you are trying to solve.
It is to be hoped that many people are already searching for your solution. If not; then its back to the drawing board.
Identify potential competitors using the same key words. Analyse their value proposition. Can you do better? Can you see a gap in the market? Take FedEx’s classic USP:
“When it absolutely, positively has to be there overnight.” The boldness of its claim makes it memorable. FedEx is promising that they can deliver a parcel the next day; It’s tangible because FedEx has the network and infrastructure to get a package to its destination on time, and; It’s customer focussed. FedEx has found a unique part of its service that customers value.
Canva is an online design and publishing platform aimed at making it easy for anyone to create and share vector graphics. Its USP reflects this:
“Empowering the world to design”
It’s a nod to the simplicity of Canva’s tools. It also separates the platform from competitors like Adobe PhotoShop and Illustrator, and ProCreate, whose products are aimed towards experienced artists.
While rival tools offer more advanced editing features, they come with a steeper learning curve. Canva’s drag-and-drop shapes and elements let complete novices design a professional image, flyer, or document in minutes.
By understanding its place in the market, they’ve been able to unearth a competitive advantage. It’s a lesson in how to turn what could be seen as a weakness into a strength.
Online Conversations.
Join appropriate forums where your potential customers maybe found. Ask about their problems and current solutions related to your business idea. Are people suggesting work around solutions?
Consider the marketplace: Is the market growing or contracting? How quickly? How many potential customers are there? What barriers to entry exist? What is the intensity of the competition? Is there a threat of new entrants or an established player entering your market?
Tags: how to launch a product, launching your product, product launch plan, product launch, product launch formula, marketing strategy, IBGR,network, Jeremy Gray, Practical Solutions to Difficult Problems
Practical Solutions to Difficult Problems with Jeremy Gray
After over 30 years in the MNC corporate world at the C-suite or General Manager level I am now focused on helping Entrepreneurs and SME's succeed. Using the lessons learned from working in Europe, North America and Asia while as an MNC executive along with 7 years supporting smaller businesses I bring this knowledge to my listeners. The topics will change but the message will remain the same, how to profitably grow your business.
Jeremy joined the IBGR.Network to build his next career focusing on developing strategies that accelerate revenue, profit, and long term growth. The size or age of your business doesn't matter, only the size of your dreams. He can help you get there with:
- Mergers and Acquisition Support - building your company to sell? Looking to grow from buying your competitors?
- Business Turnarounds - your dream is failing and you don't know where to start?
- FP&A, Budgeting and Cash Flow - profitability is driven by the ability to manage cash flow!
- Staff Development - are you the only competent person around and success is possible if surrounded by equals?
- Strategic Planning - how to plan a future that is achievable and achieve it!
Each episode has additional written information your might find helpful. Here is a complete listing of Show Notes. Want to continue the conversation? Add your thoughts in the comments section available at the bottom of each page of notes on the site. Simply click "read more" and let's get the conversations started!
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"In business set backs are inevitable – defeat is not. If you have a difficult problem let me help you to find a practical solution"
Jeremy has over 35 years of experience in senior Finance roles and General Management based in Europe, USA and most recently Asia. He is an experienced CFO who has helmed troubled operations in the USA, China, Japan and, turning their poor performance into profitable businesses.
He has also led M&A projects across the globe including an acquisition in China, that was a first for his MNC employer at the time.
Jeremy enjoys sharing his wealth of experience and knowledge with others, having participated in CFO Innovation Conferences in Singapore, Hong Kong, Shanghai and Bangkok. It has become a passion for him to use the expertise he has honed over the years to support SME owners with revenue and profit enhancement programs while imparting strategic development skills to help grow their businesses.
Jeremy broadcasts LIVE from Singapore