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4 Keys to validate your Business Idea

Do you want to become an entrepreneur and have a business idea in mind, but are not sure if it will work? Have you already been on the road as an entrepreneur and want to expand your product or service offer, but don’t really know how?

It is normal that it happens to you, because we all need to measure the risks as much as we can. While it is not always possible to anticipate the response of the market, it does help to invest in the validation of a business idea .

When it comes to validation, it tends to be related to market research firms doing wide-ranging surveys and focus groups with potential consumers. But if you have a small company, or if you are about to launch your company, it is most likely that your budget is limited and you will not be able to hire an agency.

1.Know your ideal customer. You have a unique idea in the market, or at least not exploited enough, and the possibilities of growth excite you. You think about everything you can achieve, and how what you offer can meet needs. While this is fine, too often more attention is paid to the characteristics of a product or service than to the characteristics of your ideal customer. Who is it? How old are you? Where is it located? What hurts or bothers you right now? What are you looking for?

2. Get to know the competition. What solutions are currently on the market? Who provides them? What are you offering? How much acceptance are they in the market? We all like to think that our products and services are unique, but the truth is that, most likely, someone else has already come up with what you have. It happens more frequently than you think. In that case, first place where the competition is, and then ask yourself what is different about you. What added value would your ideal client obtain from acquiring what you offer over the other options.

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Especially for SMEs, differentiation is the key to survival.3. Your ideal client doesn’t always know what they need. For example, if you go to the doctor, you tell him what hurts you. It is up to you to ask yourself the right questions  croatian email addresses to find the diagnosis, and based on what you have, prescribe the medicines you need to heal. If you knew what you need, you wouldn’t go to the doctor, would you? But unless you have studied medicine and have the specialty that applies to your condition,

it is impossible for you to know how to cure yourself. This is the case with our ideal client: he knows what hurts him, what bothers him, but he is not always clear about the solution he needs. And that will be your job once you launch your offer: tell them clearly, through the appropriate channels, what you solve and why you have what they need .. Too many times advertising focuses on saying how amazing companies are, but they forget to say in what ways they meet the needs of their customers. That it does not happen to you. Validate your idea, but also your message, to be sure that you speak the language of your ideal client and are speaking to the right people.

4. Validate your idea with your ideal client. With the rise of “apps”, it is common to receive online surveys from friends or acquaintances to find out if and how we would use that application. If your business is not online, you may be tempted to talk to your family and friends about your idea, to see how much acceptance it would have. Although these people appreciate you and may congratulate you on your idea, or they may say “it won’t work,” be careful.

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Do you know if they would be your ideal client? For example, if you are launching a mobile application, and your best friend has been resisting using a smartphone for years because he thinks that all he needs is a phone to make and receive calls. Would you ask him for feedback on the functionalities of your app?

Even if he is your friend and appreciates you, and you know that he tells you what he thinks, you have already found a product that you want to buy, before adding it to  Buy Leads the basket googlo it; You will be able to discover if in another store  he does not belong to the group of your ideal client, therefore, his answer would not serve you for your validation process.

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