5 ways to launch new ideas in your startup

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There’s a reason “research” is listed as one of the first steps in Entrepreneurr’s guide to starting a business. Think of your sales pitch as a testable hypothesis about an unmet need in the market and how that need can be met. Test, improve and innovate your idea with these age-old topics:

Hook those queries

Once you start marketing the goods or services offered by your business, you will likely face the following questions from potential customers:

To find answers that consumers find compelling, you’ll need to research what others in your industry are already doing. In addition to creating a solid foundation on which to craft your sales pitch, market data can give you insight into how you can improve your offerings while you’re still developing them. You will also be able to visualize gaps in the market that you may be able to turn into opportunities to disrupt the industry.

Related: How Entrepreneurs Can Conduct Primary Market Research

Customer complaints

You need to complement your knowledge of the products and services currently available in your target industry with the customer’s perspective. Specifically, what are common customer frustrations with these options?

Are there any patterns among the complaints? What are the most common reviews? The solutions to these puzzles should help you identify what your business should be able to solve.

Related: 3 Ways to Help You Determine What Customers Really Want (and Don’t)

Identify your target

Before you start investing significant resources in your business, you’ll also want to research your customer base. Access your network to collect data on the extent of pain points in your area. Find out if this affects the majority of consumers or a subset. If the pain point is primarily felt by a subset, you’ll want to identify the characteristics.

If your business idea was born out of solving a problem that you personally encountered, chances are that others have encountered the same problem. Nevertheless, you will want to confirm that there are enough of them, who ultimately represent your target market segment, to sustain your business. It will also help you know how to market your future offers to potential customers.

Implementation logistics

The quickest way to conduct this part of your research is to pitch your implementation plan (along with your business idea) to professionals in your target industry and solicit their input. This is not as obvious or easy a task as it seems. Indeed, a new survey conducted by Nutrisystem found that 73% of 2000 Americans surveyed said they did not ask for help before Absolutely need that.

Feedback from mentors and peers will inform you about the feasibility of your ideas, identify weaknesses in your plan, and spark new innovation as you grow your business.

Related: How to Make Negative Feedback Work for You

Be aware of current talking points in your field

Read trade publications to identify hot topics and improve your understanding of your industry. Follow the top companies and online leaders to get an idea of ​​where they’re headed. You can also check out the venture capital and angel investor startup calls for applications that will give you an idea of ​​market interest.

We are in a startup boom and the competition has never been fiercer. The right research will help drive innovation within your business and set it on the path to success.

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