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Ten Ways To Evaluate A Market (Personal MBA Summary #1)

It's important to evaluate the market before diving into one. 
        So, in this one we are going to discuss about ten ways how we can evaluate a market in industry, this also for small business.

Quote -

   So often people are working hard at a wrong thing, working on the right thing is probably more important than working hard.
                                           ~ Catrina Fake (American Entrepreneur)

 Image Credit: -gimme-shelter.com

If you are thinking of starting of new business or expanding an existing business into new market, it pays to do some research that is given as bellow.

1) Urgency -

         How badly do people want or need this right now? Renting an old movie is low urgency.

2) Market Size -
          
          How many people are purchasing things like that.

3) Pricing Potential -

          What is the highest price a typical purchaser would be willing to spend on solution.

4) Cost Of Customer Acquisition -

          How easy is to acquire a new customer? On average, how much it cost to generate a sale, in both, money and effort.

5) Cost Of Value Delivery -
       
          How much will it cost to create and deliver the value offered, in both, money and effort.

6) Uniqueness Of Offer -

          How unique is your offer versus competing offering in market, and how easy is it for potential competitors to copy you?

7) Speed To Market -

          How soon can you create something to sell.

8) Up Front Investment -

          How much will you have to invest before you are ready to sell?

9) Up sell Potential -

          Are there related secondary offers that you could also present to purchasing customer? For example -
- Customer who is purchasing Razers need Shaving Cream and also Extra Blades.

10) Evergreen Potential -
 
          Once the initial offer has been created, how much additional work will you have to put in order to continue selling? For example -
- A book is produced once then sold over and over again as is.


So, these are the most important parameters you must check before entering in the market. These written things don't assure to that your business is surely going to succeed but it lowers the risk of failing of your business.

This (The personal MBA) is the great book if you want to know about business, so I am recommending you this book to read.
Here the link from Amazon you can buy it from here: -
 
    -  https://amzn.to/3XxUhDB

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For more short blogs here, I am 

Twitter: - https://twitter.com/Axit682
LinkedIn: - (1) Akshit Thakur | LinkedIn

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