7/20/2021 Tip: How to Judge Your Ideas | Growthink

7/20/2021 Tip: How to Judge Your Ideas

Today’s Quote

“The road to success and the road to failure are almost exactly the same.”
~ Colin R. Davis

 

Today’s Tip

It’s relatively easy to come up with ideas to grow your business. It’s unfortunately a bit more work to conduct market research to judge the merit of these ideas.

Specifically, there are several market and marketing criteria against which you should judge your potential opportunities to figure out which ones are worth pursuing. These criteria are primarily focused on new product or service opportunities you identify, and include the following:

Big Market Size: is the market for your potential new product or service big enough? If the market is too small, it might not make a material impact to your bottom line — even if you achieve success.

Positive Market Trends: is the market for your potential new product or service growing, shrinking or flat? A shrinking market is clearly not a good indicator for your future success.

Competitive Gaps: How well are competitors filling the customer needs your potential new product or service seeks to fulfill? If the answer is not very well — then how quickly or easily do you think they could modify their offerings to directly compete with you?

Solving a Real Pain: How big is the customer pain that your potential new product or service solves? Is your offering a “nice to have” or “need to have” solution?

Customer Targeting: How identifiable and/or reachable are the customers you hope to serve with your potential new product or service? For instance, finding soccer players is very easy; identifying business owners who are interested in losing weight is a bit more challenging.

Make sure to conduct this research and judge your growth ideas against it to ensure you pursue only the worthiest opportunities. And then document these opportunities in your business plan.

 

Today’s Resource

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Trivia

Today’s Question: In Japan, what term is given to a set of companies with interlocking business relationships and shareholdings, akin to a business group?

Previous Question: How did Google’s famous ‘page-rank’ algorithm get its name?

Answer: It got its name from Larry Page, one of the co-founders of Google

It is a link analysis algorithm which assigns a numerical weighting to each element of a hyperlinked set of documents, such as the World Wide Web, with the purpose of measuring its relative importance within the set. The PageRank process has been patented and is not assigned to Google but to Stanford University.

 

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