Module 2 Market Validation: do people really ‘get’ what you are offering…
Categories: Market Research, Market Targeting/Segmentation, PESTLE Analysis, Growth strategies and Strategic Planning, Pricing for Market, Client Management, Competitive Advantage
This module is a downloadable online product of self study that includes 4 steps and a summary document which you can work though at your own pace and 1 hour of skype or in-person support (Auckland).
It explores the following:
- What is happening in your industry? – including: size, life cycle, growth and structural changes
- PESTLE analysis of trends and international environmental influences
- Competitor and Substitution analysis – who is doing offering similar products and services well (or badly), what niche are they catering to?
- How are others pricing the goods and services?
- SWOT analysis
- What Customers needs/wants are you meeting? Who has the greatest need? Who is not being well catered for?
- Which group/niche are you proposing to cater for?
- What size/segment of the market do you need to meet your business goals? Will you need more than one niche? Which one would you start with and why?
- Creating a range of targeted Products and services to suit your niche? Create a sample and test it.
- Looking for more than one income stream
- Pull all of your work to date into an elevator pitch and a Pitchdeck presentation and try it out on affiliates and potential customers. Do they get it? Are they responding well.
- The steps consist of self study questions, tips, options, information sources, exploratory checklists, references to external tools and flow diagrams and worksheets to lead you through the process of validating that there are customers for your proposed product or service. The level of customers/market share you need to make the business viable, will determine how much research and feedback needs to be done.
- The output of module 2 is a high level business concept outlining the work that you have done to date to explore and validate the concept. It is condensed into a presentation document which will enable you to communicate it to others and gain feedback on the opportunity.
- This module focused on the environment and the opportunity, to check that there are potential customers before you go to the work of creating a business to respond to the opportunity.
- Much of the work done in this module will be transferred to relevant sections of the business plan at the end of Module 3.
- This self study work can be done in the evenings and weekends to suit your schedule but is better if you can get larger blocks of time to spend upon it. The Module includes 1 hour minimum of review time with Start-Up Lab to overview your outputs. It takes approx 40-100 hours to complete this module. (If you know the industry and only require a few clients to make the business work, then you will be at the lower end of the range. If you are now to the industry or if the industry is in flux, or not in the growth phase or you have aspects of New Product Development or new Delivery channels then you will be at the higher end of the scale.)
Module 2: Downloadable products: $499 pus GST – includes 1 hour of support time.
Accountability and support:
- Option 1: Email, Get weekly reminders and updates and helpful tips to keep you moving forward and track your progress for $50/month (minimum 2 months) Plus GST
- Option 2: Skype or in person meetings: Fortnightly meetings of 1.5 hours to review progress and resolve issues $500 per month includes online support to read and review documents and provide advice. excl GST. Note the in-person option is based upon meeting in central Auckland
Module 2 includes 4 steps
Step 1: Industry and Competition
Step 2: Target Market
Step 3: Customer Wants and Needs
Step 4: Products and Services
#1 Research planner
#2 Pitch Deck example
#3 Industry and Competitor Spreadsheet
#4 Detailed competitor document
#5 Avatar Characteristics Planner
#6 Module 2 Worksheet
#7 Powerpoint template