Digital has shaken our world almost as much as the pandemic.
Everything evolved with the need generated by the confinements. And as many have said, we had an evolution that, as some point out, was almost ten years in a few months.
And many solutions started their development with these conditionings. From businesses to technology solutions that have served emerging needs as well as applications, everyone is increasingly dependent on our mobile devices.
Needs are identified, and the opportunity generates the possibility of developing solutions that are launched on the market.
But the development of one of these solutions, and although many have wanted to take advantage of the environment and "move" created by the conditions (as well as the opportunity for time to develop other things), it cannot be disconnected from various issues and needs.
By the way, as we had the opportunity to mention some in our post where we talked about the book "Hooked: How to Build Habit-Forming Products, by Nir Eyal".
Any of these solutions, and in particular the applications, requires that some situations be analyzed and evaluated, such as the need to know the market and potential customers.
Even because nobody starts building the house from the roof, right?
This is all the more relevant when resources are scarce. Most companies (or entrepreneurs) are small or medium-sized. Investors don't abound in our business space; and even because some projects start between groups of friends/acquaintances/relatives who apply their savings and time to the project.
Thus, it is important to take some steps, knowing and evaluating, before starting to invest in the solution itself (especially if the model/solution does not yet exist and does not have a proven track record), to gain knowledge of the effort that will be required (or if there's even space and ability to fight the competition - and sometimes a few "Goliaths").
This can be called developing a "go-to-market" strategy.
Understand what is needed to put our project on the market and with potential customers.
Particularly with regard to the financial effort for promotion and dissemination, as this activity in the launch phase may require a lot of resources.
Likewise, it is necessary to be aware that many companies, and which had large investors, for their development and growth took a decade or more to reach the stage of making profits.
In other words, there was a lot of investment before it was possible to collect dividends from these projects.
In addition to the classic need to "differentiate from the competition", it is necessary to have the ability to stand out from the existing digital noise and obtain the notoriety necessary for your potential customer to experience what you propose.
Studying the way the market behaves, and the interactions between consumption and suppliers, as well as the differences between different destinations or types of consumers, can also be important.
As attractive as the feedback from the FFF (Friends, Fools and Family), who will always support us and give positive input, the large market and the consumer that we can know superficially (or about whom we can) is very attractive. have a skewed perspective), is what will boost our business and give it, or not, the possibility to grow and scale.
The potential market, in terms of size, is another perspective that needs to be known and evaluated, as well as its possible evolution.
Variants such as predictable economic changes or conditioning behaviors can dictate the future of any enterprise, especially if it operates essentially in digital.
After gaining knowledge of these and other variables, you may have a more informed opinion of the market potential and interest (or not) to invest.
You may even come to the conclusion that this is not the solution after all; or that you need to develop some fine-tuning on what was your initial idea (or perhaps discover new solutions or paths).
Very competitive or saturated markets are always complex. And any barriers to entry, such as the need for capital, can dictate the success or failure of your venture.
It is better to know the obstacles and decide, rather than wasting capital and resources on projects that, from the outset, may be destined to fail or have poor profitability.
And even though we must learn from mistakes, it is not necessary for us to be making unnecessary mistakes.
Experienced consultants exist for a reason. Your experience and analytical skills are an asset you can have on your side.
And even if it seems like an expense, they are an investment that helps you as much or more than knowledge of your business area.
So, and as a summary:
Start by defining a "go-to-market" strategy;
For this, know your market well, and the geographic spaces for which it is destined;
Differentiate yourself, and above all position yourself;
Know your potential customer and what influences them;
The environment in which the customer and the competition operate, namely economic and social, can determine when it is time to invest (or if there is a time to do so);
Only after having this knowledge do you start investing;
Draw lessons from the information collected, namely by fine-tuning ideas according to what the market wants;
Have problems changing your initial idea, or going down another path. This is a sign of intelligence;
Seek help (if you don't master these questions) from someone who can advise you;
Don't base your actions on your surroundings and those closest to you (their intention is good, but they may not match the market).
More questions can be addressed at this stage, but that work now belongs to whoever is in charge of the project or using specialist technicians and consultants to help.
Various books can also support you, such as "The Grid" or the "One Page Marketing Plan".
But above all, you have to be aware that before starting to build the roof, you have to have good foundations.
And the work doesn't end there.
Because after entering the market, it is necessary to be able to continue there, maintain growth and evolve. It is a mission and a constant work...