1.5A GAME PLAN
You have made the Wimbledon Final and you need to be at the top of your game. More importantly, you need to understand your competitor. Meeting with your strategy coach will help you determine how to win the game. You spend time observing your competition – how they prepare, how they serve, how they return the serve, how they manage their emotions and how they win the game. You identify their weaknesses and strengths and learn how to leverage those. How else can a sporting professional in a highly competitive and lucrative field have any chance of winning?
It’s no different in business; you need to understand the state of play.
1.5B TAKE CONTROL
1.5C MARKET RESEARCH
Let’s assess whether there is a necessity or desire for your product or service.
To do this, you could undertake the following activities.
- Open a pop-up store to establish the need, the how, the demand and the price people will pay.
- Join the local markets. This can be a great place to start for brand awareness and feedback.
- Trial the product on existing platforms – etsy, ebay, airtasker etc – if applicable.
- Creating a social media post, questionnaire, group chat, or poll amongst your friends is an excellent way to gain feedback.
- Create a survey using Survey Monkey. This is a highly effective online tool used for understanding the wants and needs of your friends, colleagues or the wider public if you already have a database.
Regardless of whether you choose one or all of the above routes, you will need to collate and analyse the information you are gathering on your competitors. By comparing various aspects of their businesses to your proposed business, you will be able to clearly depict any improvements that need to be made.
1.5D CUSTOMER VALUE
- Research and planning is critical before the commencement of any business.
- You need to understand and clearly define your unique selling proposition. The only way to do this is to understand your market, your prospects and their problems.
- Understand your competitors and their strengths and weaknesses.
- Engage in comprehensive research. There is no need for guesswork when you have the answers in front of you.