3 Kick-Ass Strategies that No Marketer will tell you that will Determine if Your Business Idea Will Work

3 Kick-Ass Strategies that No Marketer will tell you that will Determine if Your Business Idea Will Work

Each day in business Facebook chat groups is flooded with posts from business owners excitedly discussing their new business ideas, launches of their new website, and asking for those in the group to fill in surveys.

However, using a Facebook chat group as a strategy to determine if your business idea will work when those in the group are not your specific target market, is akin to asking family and friends for their thoughts.

Marketers who respond to these posts believe the best strategy is a digital strategy to get a business off the ground. They will try to convince you that they have several technology tools they can use to track consumer behaviour online and build a custom-like audience to reach your target market.

The result is the strategies that you pay marketers to incorporate are based on a test and measure strategy which can be a costly exercise yielding poor results.

A second problem is if you haven’t tested the idea’s viability there is no way a marketer can hand on heart deliver a winning digital strategy. In all the businesses I have launched no marketing agency has asked me “Marg how do you know if your business idea is viable?”

When working with clients who wish to launch for the first time or established businesses who are wishing to relaunch here are 3 key “kick-ass” strategies that will give you more accuracy as to whether your business idea is viable that marketers will not suggest. These include:

1. MARKET RESEARCH PLAN
A fully-fledged market research plan is much more than a survey. It contains an in-depth analysis of your business model as to its accuracy of being structured in the right way to roll out your idea.

• A market research plan includes a SWOT analysis of your current competitors and identifies where your business idea sits concerning the current market offering.
• It also investigates a scan of the new market trends that are arising in the industry in which you are launching including new technologies that are emerging that could help you launch with a point of difference.
• The most significant part of the research plan, however, is finding and assembling the focus group sample of the market to which you are wanting to launch your business idea and asking them several structured questions.
• The analysis of the feedback will give you accurate data on buyer psychology concerning factors that affect decisions they make at the time of purchase, their preferences to shopping and researching for products and services, their current priorities and values, needs, wants, expectations, and so on.

2. ASSEMBLY OF A TEAM OF BUSINESS LAUNCH SPECIALISTS
Assembling a business idea team that consists of those who can give you all the wisdom and experience that comes from the painful lessons of what worked and didn’t work is necessary to ensure you are surrounding yourself with the right people who can help you with:

• The key value propositions of your business idea.
• The customer segments that your business idea is likely to serve best.
• Best method of delivery of your product and service using the market research data.
• The likely partnerships you may need to form to make the idea work.
• The resources you are going to need to make the idea work including expertise, funding, legal contracts, insurance, IT software.
• What are the likely costs and how do you identify the diverse revenue streams available for your new idea?
• Discovering the types of relationships, you will need to form with customers, suppliers, and end-users.

3. ACCESS TO INDUSTRY LEADERS, DISRUPTORS, MENTORS, AND OTHER INFLUENCERS
Avoiding the pain of a failed business idea that was never going to work, and all the money lost that comes with a failed launch, would be eliminated had potential business owners sought out the advice and mentorship of industry leaders, disruptors, and other influencers.

Having access to a power circle influential people in the industry in which you intend to launch the idea, a group of key people who can steer you in the right direction and introduce you to key alliances or other influential people who will act to either give you advice or help you develop your idea is priceless.

Once these 3 strategies have been implemented then it’s safe to engage a marketer and implement the digital strategy because you will have accurate information to convey.

If you want to ensure your business idea is viable and don’t want to risk spending money only to find you got it wrong, click here on my 90 Day Quick Start program for more information.