Evaluate potential markets for success
- Find a problem that needs to be solved.
What is the problem you can fix for a lot of people?
- Look for unmet needs.
Whenever a group of people has an unmet need in one or more of these areas, a market will form to satisfy that need. Try identifying these unmet needs that you can satisfy through your offering.
- Find an attractive market.
Look for a market that interests you enough to keep you improving your offering every single day. Don't ignore "boring" businesses until you investigate them.
- Create something of value.
This should solve a specific problem or meet the needs or wants of people.
- Understand the core human drives.
All human beings have four core human drives that profoundly influence our decisions and actions: the drive to acquire, the drive to bond, the drive to learn, and the drive to defend. Additionally, there is the drive to feel.
- Connect with multiple drives.
The more drives your offer connects with, the more attractive it will be to your potential market.
- Determine how your offering will satisfy these drives.
Clearly explain how your product satisfies one or more drives to make it more attractive to potential customers.
- Observe the competition.
Become a customer and observe what works and what doesn't before committing to a particular strategy. Learn everything you can from your competition, and then create something even more valuable.
- Test the potential of your offering in your chosen market.
Test it as quickly and as cheaply as you can before you fully commit. A few hours spent in evaluation can prevent months (or years) of frustration and misplaced effort.
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