Inspiration for a new business venture can come from anywhere. However, developing the initial concept into a complete business plan, with considerations such as marketing and production, can be a daunting and unenviable task. In the end, the difference between a concept developing into a successful business model and spinning your tires in the planning stages can be the careful planning and research undertaken in the earliest phases of the concept.
Customer Profiles
Perhaps one of the most prolific strategies for developing a target market for your product is to think of and record detailed descriptions of who may want to purchase the product. From that data that you collect you will then be able to actually create a profile for which customers typically utilize or invest in your product.
Establishing customer profiles is an essential cog in the brainstorming process because these are the clients and customers that are going to respond to the different marketing platforms. As such, any message or piece of communication that is created for the purpose of public consumption should be heavily influenced by the customer profiles and data that you have collected.
Market Research
Engaging in market research is a very important procedure in the overall brainstorming process because it can allow you to improve upon an aspect of your business before you have invested significant sums of money. In essence, market research provides your business with a means of listening and responding directly to what it is that people want the most from your product or service.
It does not matter how small your business is initially or how large you are expecting it to become, success will be fleeting if market research is not conducted on a regular basis. Infrequently conducting market research can be a huge mistake because it can lead to relying on out-of-date trends, misinformation resulting from a lack of context and variety of other problems that remove clarity from the direction the business should be taking.
Generally speaking, the three crucial opportunities for market research are at the outset of a new business venture, each and every time a new product or service is launched by a business and at regular intervals to maintain relevance with existing cliental and customers. The best places to begin looking for market research can be right near your home, in government or library archives, or through the local chamber of commerce.
Elevator Pitch
Once you have refined your business concept you should be able to explain it to someone who does not know you or your idea in two sentences or less. The most important aspects to cover in such a brief time are generally the: who, what, why, where and when concerning the business concept.
The elevator pitch should not be regarded as an opportunity to discuss at length each and every detail involved with the development of the business to date. Rather, the elevator pitch should be created to give just enough explanatory information while grabbing the listener's interest in the product or service.
