Market research can never stop.
Often, one is attracted towards an idea, and begins deliberating how this idea can be converted to a money spinning business. We quickly do a market entry analysis, research more on competitor, identify the target segment, propose a business plan, and begin working on creating the product.
Except that between the time the idea has been conceived and the product is market ready, the world has moved on. Customer tastes have changed, the underlying technology has evolved (or has completely changed) and the overall business potential (usually) has died.
Did you probably just end up wasting a lot of time? You probably did.
Here is what you can do to ensure that you don't end up with an out of fashion, technological dud!
1. Subscribe to daily alerts within your industry: Even 2-3 headlines a day about your particular industry will ensure that you at least are aware of what's going on.
2. Religiously meet your most loyal customers: One always underestimates the market insights your customers can bring you. Ensure that you have at least one weekly meeting with your customer to understand if trends are changing.
3. Ensure your product development strategy is incremental: Don't sit and develop the whole world together. Start with the most important feature, move to the lesser important ones. Ensure that the core idea/concept of your product is out there, the paraphernalia can always come later.
Often, one is attracted towards an idea, and begins deliberating how this idea can be converted to a money spinning business. We quickly do a market entry analysis, research more on competitor, identify the target segment, propose a business plan, and begin working on creating the product.
Except that between the time the idea has been conceived and the product is market ready, the world has moved on. Customer tastes have changed, the underlying technology has evolved (or has completely changed) and the overall business potential (usually) has died.
Did you probably just end up wasting a lot of time? You probably did.
Here is what you can do to ensure that you don't end up with an out of fashion, technological dud!
1. Subscribe to daily alerts within your industry: Even 2-3 headlines a day about your particular industry will ensure that you at least are aware of what's going on.
2. Religiously meet your most loyal customers: One always underestimates the market insights your customers can bring you. Ensure that you have at least one weekly meeting with your customer to understand if trends are changing.
3. Ensure your product development strategy is incremental: Don't sit and develop the whole world together. Start with the most important feature, move to the lesser important ones. Ensure that the core idea/concept of your product is out there, the paraphernalia can always come later.
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