Josh Kaufman Explains The ‘10 Ways to Evaluate a Market’ - Deepstash

Josh Kaufman Explains The ‘10 Ways to Evaluate a Market’

Before you run, it pays to do some homework if you're thinking of starting a new company or growing an established business into a new market.

A back-of-the-napkin approach you can use to identify the attractiveness of any future market is presented by the 10 Ways to Evaluate a Market. On a scale of 0 to 10, measure each of the 10 factors below where zero is extremely unattractive and 10 is extremely attractiveness. Be conservative in your estimation when in doubt:

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MORE IDEAS FROM The ‘10 Ways that can help in Evaluating a Market’?

  1. Urgency: How badly do people want this right now or do they need it? (Renting an old movie is typically low urgency; seeing a new picture on opening night is high urgency since it only happens once.)
  2. Market Size: How many individuals are actively buying stuff like this? (The market for underwater basket weaving courses is very small; the market for cancer cures is massive.)
  3. Pricing Potential: What is the highest average cost that a customer will be prepared to pay on a solution? (Lollipops sell for $0.05; carriers of aircraft sell for billions.)

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The ‘10 Ways that can help in Evaluating a Market’?

A checklist that helps to identify the overall attractiveness of a new market is the 10 Ways to Evaluate a Market: urgency, market size, pricing potential, consumer acquisition costs, value distribution costs, offer uniqueness, market speed, up-front investment, up-selling potential, and evergreen potential.

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Investment is sometimes a fruitful or risky option. It can be a successful investment when you know what you are investing in and might give you stress when you are not clear about your investment.

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10 SIMPLE WAYS TO STOP OVERTHINKING

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Finding product-market fit doesn’t necessarily provide an aha moment, but you can think of it as when the interest from customers validates that your product satisfies a need or solves a problem. 

The reason it’s important for you to find a product-market fit for your business is that it’s an early indicator of success. Businesses that achieve product-market fit can use organic marketing or word of mouth to increase their customer base and sales.

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Product-market fit doesn’t always mean that every collection you release sells out in seconds. But it does mean that people find out about your store by word of mouth, or that you have a steady stream of customers and sales, or that your product solves a problem within a larger, lucrative market. Let us find out what product-market fit is, how to prove your product concept, and how to use marketing and customer feedback to find it.

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