An idea can be exciting and bringing one to life requires dedication, research, and a lot of time. All successful businesses begin as just an idea, but it takes the dedication and a good implementation plan to take them to market. Do you have an idea for a new business? Below are 5 tips from id8.space that we believe will bring it to life.
Conceptualization by definition is the action or process of forming a concept or idea of something. This comes in various formats, it could be a map or sketch that indicates your product, market and usability, or as thorough as business plan.
Either way, to understand your idea better, list all of your ideas for your new solution and how you potentially see them in use. Mapping your idea on paper can give you a bigger picture and better understanding of what your are building, and the time and dedication required to build it. Be sure to list all the ideas you have, including your customers, competition, stakeholders in the regulatory department, and who will be responsible for what.
2. Research the Market
Market research provides detailed insights into the competitors, understand customers’ pain points & preferences, latest market trends, consumer buying patterns, economic shifts, and demographics. That’s why smart business owners never underestimate market research and leverage it to creative effective strategies.
Market research is the most important step when starting a business. How will you know what your potential customers will want or need if you don’t get out there and start asking? If you research your competition and find there are many other businesses offering what you want to offer, consider modifying your plan to specialize in something more specific to your area of expertise.
3. Invest Time
Your time and money are extremely valuable to you. You can’t afford to waste any by investing them in producing a product or service that fails in the marketplace.Throwing money at a business does not guarantee success. Time, energy, and research are more sustainable resources for a long lasting and lucrative business.
4. Test. Test. Test.
Introducing a new product or service without first testing the market is like jumping off a cliff. Many new ideas and products are successful because their creators identified an unmet need in the market and verified the viability of that concept.
Through a properly conducted market research, you’ll discover the vital information that will enable you to understand the demand for your product/service in the market, your customers and their trends related to what you are offering.
The only real test of a product is a market test, where you take your new product or service to a customer who can buy it to see if he likes it. As soon as you know your cost and price, make a sales call on a potential buyer. (The ability to sell the product is more important than any other skill–this will give you a chance to sharpen yours.)
5. Any Feedback is Good Feedback
Listen carefully to the comments and objections of the buyer, their feedback is priceless and important. Feedback from your test market will help you determine the market for your product, the reception and usability, the price you’ll have to charge to make a profit. Feedback will help and guide you in thinking of ways to improve both the product and the marketing of the product. Post feedback collection, tweak your plans by revisiting your initial map/concept. This will help ensure your product’s success.