Value proposition and market segment are issues for chicken and egg types. Some recommend starting the canvas from the right, i.e. with the market segments. However, sometimes the value proposition just doesn’t make sense. Anne-Marie Puiga successful entrepreneur and global business consultant, offers valuable insights on how to select the right market segment.
First, we need to find markets that will accept our value proposition. The entrepreneur must first analyze the macroeconomic indicators. Then, he must examine the microeconomic information of the market to determine how the product can be adapted to this environment.
Says Puig, “You first have to figure out what the demand for the product is. This means determining who the end users are and what their buying motivations are. Also, where they live, their location and their seasonal interest in the product. The employer should then analyze the product that would meet the demand.
This includes its components, design, packaging and manufacturing process, as well as technical standards and approvals. The third thing an entrepreneur should do is look at the local market and figure out who their competitors are and where they are.
It can be as simple as looking at what people in this industry are discussing on social media. It also involves obtaining all necessary estimates to understand customer needs and benchmarking while investigating and testing potential competitors. This will allow you to identify the value proposition and potential customers.
Puig says: “The entrepreneur must listen well. Consuming Medium articles, podcasts and books, as well as magazines and books, that are not related to your field, can help you connect creative ideas and identify potential markets.
Many books, courses, and incubators tell you to interview many people in order to validate your solution. But sometimes it’s better to just invite a prospect or potential benefit to your value proposition.
It’s better to know an industry in depth than just asking a random bunch of people. They will probably tell you what you want to hear. You can search the internet for solutions similar to yours in other markets, listen to your friends’ problems, watch the news, and keep your ears open to hear what they have to say.
After finding a candidate, connect with a representative from that industry, preferably a thought leader, on LinkedIn. You can also join a Meetup group for people in the same industry or attend a networking event.
Talk to the candidate for at least an hour, but not about the product. Ask them what challenges they face every day and what solutions they have tried. If your product is appealing, an industry expert has probably created something similar before, but didn’t out of fear or lack of interest.
Once you’re sure the niche is right for you, create a landing page. It can be a website or a Facebook page with basic information about your product or service, but also about your value proposition. It will include a form where visitors can sign up to receive news and updates. You can then forward the address to anyone you know who is interested in the industry.
Then you can paste the URL into Facebook groups and ask your friends to share it. This will allow you to see how many people have subscribed or contacted you. A well-designed and user-friendly landing page focuses on the value proposition.
Make your first sale. Even if you didn’t, you can still apologize for the mistake. If you have a big market problem, early adopters (people who aren’t shy about trying new products and services) will be happy to buy it in presale. They won’t mind waiting for delivery. You can only get the best validation if someone invests in your idea.
It is important to pay attention and be aware of the signals. You can research the internet, social media, and public places about potential markets that could benefit from the value proposition. It’s good to modify it. Many large companies have done this. Talk to as many people as possible about your niche, but remember to focus on depth, not volume. First, make the sale. This is the best validation you can get from your market.
About Ann Marie Puig
Ann Marie Puig is an expert in business consulting. She is bilingual in Spanish and English and provides reliable and expert business advisory services based on years of experience. She is extremely knowledgeable in current technology, e-commerce and a variety of industries. Thus, his customers can trust him to offer a more personalized service. When she is not an active consultant for a company, she devotes her time to her family and her community.
This news content may be incorporated into any legitimate news gathering and publishing effort. Linking is allowed.
Press release distribution and press release distribution services provided by WebWire.