Phase 1 Wrap-Up
OK, now you are a seasoned veteran in conducting Primary Research.
Just keep making appointments, doing interviews, analyzing the feedback you receive, and tweaking your idea until:
- You are confident that your Value Proposition is a high potential opportunity with a strong likelihood of succeeding in the marketplace, or
- After analyzing all the feedback that you have received from Potential Customers, Industry Insiders, and Competitors, you determine that, “Hey, maybe this isn’t such a great idea”.
You will reach a point where you have to decide whether to move forward or abandon this business idea and pivot to a new one.
20-30 interviews with Potential Customers and Industry Insiders should be enough to enable you to make this decision.
If you decide to move forward with your idea, let’s take a look at where you are in the larger scheme of things—before wrapping up (for now):
Based on the Secondary Research and Primary Research that you have been doing:
- You are confident that your Value Proposition is a high potential opportunity.
- You have a good understanding of who your customers will be, where you will find them and how they will find you, how they prefer to interact with you, what they are willing to pay for your product/service, and much more.
- You know enough about the industry and your competitors to believe that your product/service is a good fit and could thrive in this environment.
Now it’s time to create a plan for launching your business...
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