There are hundreds of methods to properly get your idea to market. Many have full business plans and details. This post is a brief overview of the process.
- CONTENT — this is what gets the end consumer. It may be a product, a service, an idea, or even a concept. It can be original or based on something else. But it is what has been created and to get to the market.
- WHY? — The first question to answer is why would anyone want this? In other terms, identify the “Unique Value Proposition” or the UVP. The UVP clearly states why a consumer would buy from your company and not others. What is the reason to exist? If a business can not clearly state the UVP, it is not going to be clear on messaging, target consumer, or marketing. It will fail.
- FOR? — Who is the core target market? What group is the heavy users that must have this item? The first users, the experts, the ones who will influence others. A startup must capture the core market before it can start to branch out to the wings or peripheral markets. Focus on the core and get them loyal.
- HOW? — One can have a great product, but if the pipeline to the consumer is not laid down, the product fails. The “how” is Operations. This includes logistics, production, sales, and customer service.
- MARKET — once all the other areas are covered, it is imperative to promote. One has to let the consumer know about the product. Awareness and discoverability are essential for success. Social media and other online tools have made this easier to compete, but it is much more than just setting up a Twitter account. It is difficult work to get potential customers to care about your product.
- FINANCIALS — underlying all of the functions above are the financials. This is a way to keep score. So know the numbers and how to legally manipulate so the game is won.
- SUCCESS? — what defines success? The biggest profit? The best citizen and helping others? A bit of both? Decide what outcome is desirable, and plot to it. Even a non-profit must generate revenue.