Things like:
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How the business model will work
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How to enter the market
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Who are the competitors • What mistakes are they making • Where are they succeeding
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Identifying patterns in user behaviour
The aim is to grasp a good understanding of how to maximise chances of success
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Ah, the prototype stage. A wonderful stage of brainstorming with friends over beers.
I’m assuming that’s where you’re at given your question.
Just contact a lot of people. Don’t worry about someone else stealing your idea; chances are that you’ll change ideas ten times before you find something that customers want. Talk to your friends, colleagues, family, anyone you can get on the phone. Tell them your product idea and ask what they think. Be prepared to be surprised at the feedback.
Your biggest concern is finding customer pain points. If you don’t know how to do that, I recommend looking up the “jobs to be done” interview format. This perspective also walks you through how to find competitors. Competitors are not just folks in the same market. It’s whatever alternate solution customers are using, often poorly, to solve some need in their life.
Apart from that, it sounds like you could use a business plan. There are templates online that will walk you through how to do it. Actually, you may not need a whole business plan at this point, but it would help you think through some of your questions.
It’s really hard to give you a definite answer to what you asked without more detail on your intended product. E.g., some folks enter the market through a viral approach, some “build in public”, some just take the marketing and AB testing approach. Maybe Redditors here can help you if you want to say a few more details.
As for competitors, just search online about them once you know who they are (see “jobs to be done” above). TechCrunch, online reviews, media articles, somewhere in there you’ll figure out how your competitors work and where folks are unhappy with them.
Hm, ‘identifying patterns in user behavior’ is a bit vague, what context are you referring to?
That’s absolutely the stage I’m at 😄
Appreciate the detailed response too man.
The points I mentioned, I’ve took inspiration from an entrepreneur Sam Paar who outlined his research strategy for new businesses.
So identifying patterns is just trying to understand customer behaviour. What do they buy, why do they buy it, what challenges they have, are there certain categories increasing in popularity…
Happy to help.
Yeah, the “jobs to be done” framework will help with some of that. Just find potential customers and ask them that. Later, you’ll create an ideal customer profile (ICP) and have to re-ask, but at first you can just find anyone who might use it and ask them these questions.
The one lesson on maximizing success I have learnt. After you have identified the problem statement and ICP is to give people something to use. The best way idea validation works.
Good point, I guess this is where the concept of an MVP comes from
For behaviors may I suggest Twitter X? I find it easier to look for what people are having the most trouble with in my industry through Twitter. I even look at whom their recommending in the responses. I then go on Instagram to further look into those who are leaders in their field of practice. You’ll quickly pick up on key words as well.
For behaviors may I suggest Twitter X? I find it easier to look for what people are having the most trouble with in my industry through Twitter. I even look at whom their recommending in the responses. I then go on Instagram to further look into those who are leaders in their field of practice. You’ll quickly pick up on keywords as well.
I hope this helps.