Every successful creative startup delivers something people need or want. How do you know people want what you sell? Easy – ask them. Asking your potential customers what they want is one of the simplest and most important pieces of research for any startup.
Startups are different from established businesses. Established businesses have enough time, money and employees to juggle multiple market segments. As a startup, you’ll need to choose just one of your market segments to sell to first. You’ll pick one battleground, one tiny market to take, and succeed there first.
Storytelling isn’t optional when starting a business – it’s criticalThe stories you tell help people to look beyond the risk and the lacway you see it. Tell your story to people so that they become your fans.k of proof that your business will succeed. You might only have a business idea and a bunch of contacts at the moment so your story is most likely a fictitious one. But you can still paint a picture of the future to help people see the world – and the opportunity – the way you see it. Tell your story to people so that they become your fans.
Always remember that your customer is the person who pays for your product or service. They’re not always the one who uses or consumes it. Sometimes people buy things for themselves; sometimes they buy things for others.
Sometimes creative entrepreneurs find talk of markets and market segments intimidating. It’s actually not that difficult and here’s why...
Imagine all of your potential customers in one place, standing in front of you. Do they all look identical? Probably not. I’m sure you could find a way to group them by age, or by gender or by their lifestyle choices, style or hobbies.
The sum of all your potential customers is called your market. Groups of customers within your market are called market segments.
As an entrepreneur you’ll always want to be trying to grow your total accessible market and, of course, it’s a number that will increase over time as your business grows.