Sunday, 24 March 2013

IDEA !! IDEA !! IDEA !! Lets Find one to get started ..

IDEA !! IDEA !! IDEA !! Lets Find one to get started .

Many of us have aspirations in life to become an entrepreneur and keep working to find an idea which is unique and profitable. We spend months/years just to keep looking for an idea. One of the biggest problems to start is that we are not confident if idea is a good one.
What we keep thinking: Will people find it useful enough to pay? What if we waste 2 years pursuing an idea that's doomed?

What MOST people do: Think of a random idea, start working on that (building a website, getting business cards printed, opening Twitter/FB accounts) and then slowly discover that it’s NOT a feasible one. After a few months, will shift to another idea...then another...always keep thinking that one day we will get the "right" idea.

The first important thing to consider isWho are you trying to market to?  Do not target everyone. If one product is fit for everyone will you buy it. No, you will buy which fulfills your need. So be specific when finding your customer. Divide the customer based on geography, Age, Price, Income – Middle income/ Lower income/ highly affluent. This will help you determine your niche market.

To find a profitable idea note down all your thoughts on paper. Whatever possible options you can think of note them down. Now do the analyses for each idea, whether it’s profitable or not. Nail down your idea list to 3 ideas. Systematically eliminate the bad ones and test the good ones.

Now here's what you need to do to "Niche It Down" yourself.

Make a list of customer characteristicsList down the characteristics of your customer. Create a list of ALL the different characteristics and qualifications that your potential customer might have. BE AS SPECIFIC AS POSSIBLE.

(This includes everything from demographics like age, gender, to their likes and interests, biggest concerns, to the kind of neighborhood and city they live in.)

Shape Your Customer Characteristics Pyramid:  Now list down the characteristics in sequence. Most important characteristics first, then second and then third. You've listed out all of the characteristics of your potential customer. Now, organize the customer characteristics from Step 1 into a Customer Characteristics Pyramid:


What aspects of their identities are most important? What are least important? For example, if you're providing service of Tennis coaching for kids between age of 6-12, who are beginners, then your pyramid will look like this:
  • 1st MOST important: being a kid
  • 2nd most important: beginners
  • 3rd most important: being in the age of 6-12

Define Your Niche With the "Two-Qualifier Method", It takes you from making generic statement to specific.

2 Qualifier Method ::   [ Qualifier 1 ] – [ Qualifier 2 ] who need [ Your service ]

So here are few examples:

1.  [Small-business companies] in the [financial services industry] who need copy-writing for [marketing materials]

2.  [Bloggers] with [1,000 to 5,000 subscribers] who want to [develop information products]

3.   [Small Software companies] in Retail domain which want [retail software solutions]

4.  [Kids between age 6 to 12], [who are beginners] and need [Tennis coaching. ]

5.  [Working parents] in the [San Francisco Bay area] who want [tutoring for their high school kids]

The Two-Qualifier Method takes your ideas and structure it in a way that gets you many steps closer to reaching that exact customer.  Once you've mastered this, you can much more easily pick pricing, marketing methods and all kinds of more advanced work. But, the hard part is really getting in their heads and identifying who your niche is.

Once you identify your idea and target customer, then next step is to check out will customer will be ready to pay for that. Pay Certainty Technique will show you how to...
  • Instantly test the basic profitability of your idea
  • Ensure you don't waste 6 months of your life pursuing a worthless idea
  • Help you dig deeper into your customers' heads

The "Pay Certainty" Framework lets you rapidly eliminate bad ideas that would have never earned you a cent, and focus on the most promising ideas. This technique is powerful in helping you get control of your many ideas and escape "Analysis Paralysis. 

Now for each of 3 ideas do the below exercise :: That’s key to find profitable idea.

1.  Will people will be willing to pay for that product/service.
2.  Will people have the money to spend on that product/service.

24-45 year old, middle income families who need help on budgeting."


"Music instructor for ambitious children -- client is mother"- ABILITY to pay: Yes. 

Parents of ambitious, successful children tend to be more affluent than those of average children-

WILLINGNESS to pay: Yes. Parents will spend virtually anything to ensure their child is successful, well-rounded, and gets into a top college- VERDICT: GREAT IDEA. PURSUE!

Once you zero down on your idea, start knowing your customer. Go into there head and understand what they think, what they eat, where they go. Talk to them and understand what there problems are and pitch for that. You always need to start with a niche market and then build on that. Always start small and if that works fine tune it to make it big.

If that does not work then move on to other idea. This way you are not investing much and testing out your ideas.

Now let me know how you are going to use the 2 techniques for your idea ::
1. Tow Qualifier Method
2. Pay certainty Techniques

Reference [ From Remit Sethi blog ] 

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