When you define the most pressing needs in your market, you can quickly narrow down what solutions would help. You can also uncover new opportunities to create business models and revenue streams for the problem you are solving. In this article, you will learn how to uncover the dormant pressing needs, how to define your business model, and how to analyze competitors to zero on the unmet and mostly untold needs in the market.
It may sound difficult but in reality it is easy if you think from the view of your target clients.
No service or products can fulfill all needs of a buyer. The car may have a lot of power but what about it’s fuel efficiency? How about availability of service stations at every remote corners of the country?
Entrepreneurs must work quickly to validate their ideas and begin making them into reality after spotting an unfilled “job” or an under-served market group. Market research is essential for fully understanding whether the requirement is genuinely a serious issue that will appeal to your target market. Customers should be interviewed to see whether they believe this is a genuine need and whether the product or service aids them in their everyday activities. More information can assist you in determining what your target market can afford.
Research can also assist you in determining whether or not your answer to an unmet demand is genuinely practical. Is your product or service scalable as demand grows? Do your niche’s competitors already offer a version of your solution? How will you set your product apart from similar offerings? Entrepreneurs must conduct due diligence to ensure that their proposed solution effectively fits the “task” that customers require assistance with, as well as that it sufficiently addresses the needs of under-served market segments. Prior to a large launch, focus groups and product or service testing can help you fine-tune your offers.
The value of competitive landscape analysis is well-known by successful businesses. Around 90% of Fortune 500 companies engage in competitive analysis. 69% of companies that have outsourced their competitive intelligence operations have reported overall positive results from doing so. With a solid plan and the right tools, any business can start reaping this useful practice’s rewards.
A competitive landscape analysis sets the direction for where your business could go in the future. In the short term, it lays out a plan for the needed next steps. By engaging in a methodical survey of your competitors’ activities, successful entrepreneurs learn more about who their potential customers are and how they could do a better job of reaching them.
Studying the competition also helps them paint a clearer picture of their company’s unique value proposition (UVP). Knowing the UVP allows them to focus on the extraordinary qualities that make their business stand out. These are the things that they do better or differently than the competition.
When creating a product or service, an entrepreneur must decide whether it is appropriate for a niche market or not. You should choose a niche market if you want to sell a product or service which has low competition. However, it is hard to find a niche market if you don’t know what persona your target clients has. You can use many methods to find a niche market, such as doing market research, reading magazines, asking customers, checking competitors’ products or services, and observing customers’ behaviors, to name a few.
After understanding the unmet needs of your target audience, you can create a niche product or service. This means that you have to understand the pressing needs of your target audience first to create a niche product or service.
The next step is to do A/B split testing for each conceived product or service against the next one, to zero on to the most promising one. It may sound little intimidating but trust me, the rewards far outweigh the grunt work of product validation at the beginning.
One of the most crucial conversion variables is the value proposition. A strong value offer might mean the difference between losing and closing a sale.
Hardly anyone will buy from you if your product or service has no unique and compelling value proposition. The common question a buyer often have in mind is, “why should I buy from you?”
All successful entrepreneurs take utmost care to write a strong value proposition for their products.
A value proposition is a brief statement that explains why customers should pick your products or services above those offered by competitors. It’s more than simply a description of a product or service; it’s the unique solution that your company offers and the promise of value that a customer may expect from you.
As a result, it’s critical to design one that accurately displays your products and services while also emphasising why you’re the best option.
A quick look at the history of iMac may give you a clue as to its unique value proposition, as an example.
Apple’s iMac:
• This is the computer of today that will last you a lifetime. You can put it in the corner of your room, where no one will ever notice it.
• You can never run out of hard drive space because it doesn’t need one.
• You can plug it into any monitor, whether it has DVI, VGA, or even HDMI ports.
• It has built-in speakers that you can use as high-powered stereo headphones.
• It’s designed for all the new standards, like high-speed USB 2.0.
• It has 802.11g wireless networking, for connecting to the Internet in the next room.
• It has two optical drives — one to store your music, and one for your movies.
• It has a DVD player.
• It has an integrated camera for Web cam and Photo Booth.
• It has a built-in microphone for Skype.
• You get to choose the color. There are plenty of other details, too.
In sum, the UVP should make your offer so compelling that the target customer will not only buy it but will be ready to pay a premium for it.
If you’re selling anything, you need to convince people to buy. That’s where sales message comes in.
You have to persuade people to buy a product that they don’t need right now — and even if they do need it, you have to find a way to make it easy for them to buy it.
That means it helps if your company has a brand identity and a marketing strategy that sets you apart from the crowd.
That’s why, for example, Amazon does everything it can to make shopping fast, easy and fun. Even though it sells just about everything imaginable, Amazon still wants its customers to know they’re in a safe space.
Make your MVP ready and launch your solution. Chances are pretty good that your sales will yield a consistent growth, provided you listen to the market and navigate your approach as you move.
Once you launch your product or solution and see the results, you should not sit on your laurels. The market is dynamic, and customer preferences change. So, you must keep ‘testing’ your offers at regular intervals. If done correctly, you will remain the market leader like the Fortune 500 companies.
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