When embarking on an entrepreneurial journey the first and potentially most important category of data relevant to the determination of success should be the team’s knowledge set around market intelligence and understanding. Without a market there is no business, no opportunity for revenue and no way to grow. Consequently, if you have an innovation that you want to bring to market consider developing some competency around the following capabilities. Your sources of capital will appreciate it, your team will appreciate it and at the end of the day, your customers will too.
1. Market Sizing – The realistic potential market in which the firm’s product/ service can fulfill needs.
2. Competitive Assessment – Analysis of relevant competitors seeking to fulfill the same needs in the same market space.
3. Customer Segmentation – Breakdown of specific groupings of customers by relevant sorting criteria, e.g., geography, company size, purchase behavior, early vs. late adopter, etc.
4. Decision-Maker Profile – Detailed description of who makes and influences decisions in the targeted market segment.
5. Needs/ Desire Assessment – Documentation of the customers’ felt and latent needs and desires; includes both functional and emotional.
6. Buying Criteria and Process Map – Step-by-step process by which customer considers prioritized buying criteria, including identified opportunities for influence by the marketing team.
7. Distribution/ Sales Channels – Where and how customers acquire the product or service.
If you are interested in exploring a potential market or expanding and diversifying a product or service offering feel free to contact us here in Middlebury, Vermont. We can assist you with the relevant assessment criteria for each of these 7 capabilities and we can help you move toward development of a brand and/or development of a technology. Our focus is on the entrepreneur and building wealth within our community.