Will The Dogs Like the Dog Food?

Will The Dogs Like the Dog Food?

Will The Dogs Like the Dog Food?

Discovering product/market fit

Your product/market fit will determine whether you grow fast, slow or not at all. Remember, a B2B product or service exists for only two reasons:

  • saves time
  • saves money

You must prove to yourself and your investors that your idea will fly in the marketplace. But the typical Catch-22 is that you don’t have a ton of money for formal market research.

You don’t need it. Use these no/low cost techniques to determine your product/market fit, before you open the vault to develop it.

Why am I doing this?

  1. To see your product’s value from your prospects’ standpoint.
  2. To hear what your salespeople will hear.
  3. To learn how to align your new concept with the marketplace.

Remember that business is a social process

The first thing to understand (and many people don’t) is that business is a social process. To do this successfully you’ll be spending the bulk of your time talking with people…not staring at a laptop screen.

If this provokes anxiety you’re in good company. Many people are hesitant to reach out to strangers. If you take the plunge, however, you’ll find it gets much easier as you go along.

 

Do this first

Work through the following 5-point strategy model first. Just apply what you already know, or strongly suspect, is true about the market. Support each assumption with whatever market information you have on hand.

  1. What are the trends in my industry?
  2. What’s driving the trends?
  3. What are we doing about the trends?
  4. What are our competitors doing about the trends?
  5. What should we be doing about the trends to grow revenue and profits?

Now you have a baseline.

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Product Market Fit: Will The Dogs Like The Dog Food?

Product Market Fit: Will The Dogs Like The Dog Food?

Market opportunity analysis using simple guerrilla market research can help you make decisions quickly on a new product concept or other idea.

Market Opportunity Analyis. Will the dogs like the dog food?

Bella the wonder dog.

New products and services are the lifeblood of every company. Many marketers, however, are unaware that fast, low cost guerrilla techniques for market opportunity analysis can be a great starting point in the ‘go’ or ‘no-go’ decision process.

Collecting Unbiased Customer Data

The first thing to understand is that business is a social process. Consequently, to do this successfully you will be spending more time dialoguing with people and less time on the internet. What you need to know is still in people’s minds, not published on the web.

However, allocate a small percentage of your total research time to web searches to develop a baseline understanding of what is already available.

Market Opportunity Analysis: The Internet Part

Establish your beachhead by searching the web for current offerings and substitutes in the targeted market space.

This?approach is lean-thinking and is a low-cost?alternative for?more traditional market research methods.

This paper?includes:

  • A detailed guide for finding market information
  • A 5-point model for strategy development
  • A simple process for arriving at an unbiased decision

“Will The Dogs Like The Dog Food?”

Click here to view and/or download this report.