The Venture Validation Program (VVP) is in motion! We have been digging into markets, opportunities, customers and defining the value proposition of participants' business ideas.
With the help of mentors Daniel Doiron and Gregory Fleet from UNB Faculty of Business, Envision Saint John, Atlantic Canada Opportunities Agency (ACOA) and Post-Secondary Training & Labour (PETL), VVP participants get to share what they learned!
Market discovery is an important process. It helps entrepreneurs to gather and analyze information about a market so they can better understand its size, characteristics, and potential for their business product or service. It involves researching the target market, identifying potential customers, and assessing the competition. Sometimes, you can research from the comfort of your laptop while other times it’s best to hit the street and survey your potential market.
Our participants will be learning and applying tools for market planning and strategy development for entering and competing in their market. To do this they are working together to identify target customers, determine the most effective communication and sales channels, and develop a pricing strategy. Workshops like these are important when validating a business idea.
The value of market discovery is that it helps businesses make informed decisions about how to enter and succeed in a market. By thoroughly researching the market and understanding the needs and preferences of potential customers, businesses can develop strategies that are more likely to be successful. This process also helps to identify any potential risks as well as key opportunities… the trick is to try and develop contingency plans to address problems (or risks).
Overall, the new participants have done a tremendous job in their market discovery workshops and are well on their way to planning how to enter new markets or expand their operations in existing markets.
How To Do Market Discovery:
Who is your customer?
What does your customer value?
What do they need?
What is the 'pain point' for your customer?
How can your service/product help?
Find your market! Talk with people in person, on social media or pick up the phone (yes this still works!) Discover the "WHY" and you'll be so glad you did! The why will help you discover the how and you'll find out if your business is on the right track or if you need to pivot. And, that's ok. It is better to make a pivot now than when you've sunk a lot of savings, time, and resources into your business.
Remember, gathering and analyzing information about a market is a necessary and important step for businesses. Don’t skip it! It will help you make more informed decisions about how to position your product or service and increase your chances of success.
If you have a business idea and want to take it further, visit us at Connexionworks.ca/vvp for news of our next Venture Validation Program. Check out all our ConnexionWorks.ca services and non-Member / Member room hosting options!