How do I find the right market for my business idea?
We were operating in our comfort zones till this point.
We had a concept, so we investigated it, talked it over with our trusted team, changed it, gained confidence, and examined the market demand for it. We are now taking steps ahead by knowing more about our market, starting with an internet search of our concept and all the people involved in the value chain. Now is the time to make a list of all our stakeholders.
But first, who is a stakeholder?
A stakeholder is someone who has an interest in your company and can influence or be affected by its success or failure. The key stakeholders in any business fall into one of the four categories below. We recommend that you make and keep this table in front of you.
Stakeholders play an important part in a company’s success, yet sometimes business owners overlook their value. It is critical to be appreciative of all the help received and never to undervalue a stakeholder. Your plan may be grand, but no war is won by itself, and your troops must feel valued to remain loyal.
Using all the important insights, conduct a web study to determine how many people on the internet are talking about the issue. Find out their location, age group, and preferences in as much detail as morally possible. Repeat the process on several social media networks. Look for any existing platforms where you can connect with people in your field. Follow the followers of your competitors who have a lot of clout in your domain and check how active they are in the comments section. This is called a competition survey. The size of the market you discover in your study speaks of the potential of your concept. This process should never stop. Make a monthly appointment to conduct this process and reward your stakeholders. A satisfied stakeholder will always result in increased earnings.
There are usually only three paths to growth: high-quality product, a high-quality service, and an increased in-house manufacturing volume efficiency which leads to a better price.
You have to accept that no two people are the same and that some people may be baffled by your concept. As a result, use simple language while pitching your sale. You are not there to show off your language skills; you are there to sell your product and to make a brand out of it.
Remember Vaishali and Benny from our previous articles? Vaishali noticed that her consumers could not picture her designs in their own environments based on the images. So, she chose to incorporate augmented reality to assist her clients to see her vision more clearly. This led to an increase in sales. People could not visualize the scale of Benny’s artwork, so he began to add dimensions, walls, and silhouettes to the images. Both had to come up with features that would help them produce more leads, conversions, and pricing as compared to their competitors. In doing so, they would also have to accept that not every customer will understand their product in one go. There will be gaps, there will be iterations in communicating the idea. As a stakeholder, the consumer’s perspective will be key in deciding the channels and ways of communicating the business idea.
One must have a clear understanding of their target market before venturing and exploring their business in an unclear demographic. Researching and clearly stating the targeted consumers before taking the plunge will help in gaining a holistic reappraisal.
Lastly, improve your concept as per the identified market. Listen carefully and be open to criticism. Keep track of how much time and money you spend on research. Have an estimate of what you will need to develop your product and reach the identified market. This allows you to measure your pace while achieving your objectives. Keep your stakeholders up to date on your progress. Make a list of all the problems that have been recognized as well as their remedies.
Your knowledge will broaden as a result of your experiences.
We will talk about how to get a business partner next time.
About the Writer
Anchal Srivastava is an architect, urban planner, writer, researcher, and scholar. She is a certified GIS specialist from IIRS, ISRO, Dehradun. She is a graduate of the School of Planning and Architecture (SPA), Delhi, and Dr. A.P.J. Abdul Kalam Technical University (APJAKTU), Uttar Pradesh. She has experience working at the Town and Country Planning Organisation Delhi, Jabalpur Smart City Limited, Suresh Goel & Associates (SGA), APS Green Architects & Associates, and as the head architect at SSAP and Shantiniketan Buildtech Pvt. Ltd.
About the Editor
Nidhi Joshi is a writer, architect, and artist. She experiments with art, calligraphy and all things Interior Design. She is a graduate of the Bharati Vidyapeeth College of Architecture, Mumbai. She has experience interning at PG Patki Architects.
About the Illustrator
Priya Bansal is an architect and a generalist, currently based out of Delhi NCR. She is a graduate of the School of Planning and Architecture (SPA), Bhopal. She has experience working with Studio Juggernaut.