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Excerpts 

Put Your Idea to the Test – from Chapter 1

Determine Viability Regarding Market Recognition & Acceptance


Here’s something you may not have thought of—does the public have any knowledge about what your idea has to offer? This is rather a unique issue and one that was brought to our attention by a friend who had a good idea: creating healthy alcoholic beverages. The idea was to create an alcoholic beverage consisting of natural fruit juices to make the drink more “healthy.” He raised a bunch of money on the concept alone—to the tune of hundreds of thousands of dollars. He hired a consultant who was renowned for the use of natural juices in soda drinks to develop his product.

My Idea, Step by Step supportive image.

The two decided they would use Shōchū, a Japanese distilled beverage, as the underlying alcoholic drink that they could add natural juices to create the “healthy alcoholic beverage.” They succeeded in creating a prototype that tasted quite good and appeared to lessen a hangover because of its “healthy” properties. When they tried to market it, they ran into a rather large and, what turned out to be, insurmountable problem—very few people had any idea what Shōchū was. They came to the realization that it would take a huge amount of money—more than they could raise—to educate the consuming world about Shōchū. That was the end of that idea and that company.

 

So, if your idea is so exotic or out of the box that no one has any idea about it, you need to figure out how you are going to educate the consuming public and what it will cost to do so. While it is great be innovative, in the world of business you still must think commercially: Will my product or service have demand, and can I meet that demand and actually turn a profit?

Identify and Define Your Customer Base
 

Okay, who is going to buy your product or use your service? While you will be looking into your potential customers in great detail when you write your business and marketing plans (coming up), it’s good to have an idea of who they are to begin with. You want to make sure there are enough people out there to keep you in business and can afford your products or services. If your service or product only applies to those who are 100 or older, you are going to have a pretty small customer base!

 

A good way to start is by:

  • Defining your ideal consumer:

    • Divide the market into segments based on common characteristics.

    • Include age, gender, location, income, or preference.

    • Understand the unique needs of each segment and how your product can address them.

 

  • Analyzing your competitors:

    • Analyze competitors to see who they are targeting.

    • Identify gaps in their market where your product can offer something unique, better or less expensive.


Again, you just want an idea at this point.

Market It – from Chapter 12

Marketing is critical, so we are going to be a bit repetitive and give you a comprehensive overview of a simple and effective marketing plan for a startup company that you can use as a checklist:
 

  • Define your Target Audience. Start by identifying your ideal customers. Consider demographics, psychographics, and their buying behavior. This will help tailor your marketing efforts effectively

Arrow compass success supportive image.

  • Email Marketing. Build an email list of interested customers and send out regular newsletters with promotions, product updates, and valuable content. Consider using free or low-cost email marketing platforms.
     

  • Leverage Social Media. Use social media to engage with your audience. Share product updates, behind-the-scenes content, customer testimonials, and run targeted ads to reach potential customers.
     

  • Local SEO (Search Engine Optimization). Optimize your website for local search by including location-based keywords in your content and meta descriptions. Claim and update your “Google My Business” listing.

  • Create a Unique Value Proposition (UVP). Determine what sets your retail business apart from competitors. Your UVP should communicate the unique benefits customers will receive from your products or services.
     

  • Build a Strong Online Presence. In today’s digital age, having an online presence is crucial. Create a professional website and set up social media profiles on platforms your target audience frequents.​
     

  • Content Marketing. Develop valuable and relevant content that resonates with your audience. This could include blog posts, videos, infographics, or how-to guides related to your products or industry.

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