In order to be successful in any proposed business venture, there must be a market opening in the targeted industry. A market opening can be defined an existing consumer driven need for a particular product or service. Ideally, market openings are readily available and visible. At times, there may be unique, un-contemplated circumstances that may require creating a market opening. In those instances, a person can create a market opportunity for his service or product. There are three steps to creating a market opening encapsulated by the IBC Principle.
Step 1: Identify an Unregistered Need
Generally, a person can only provide a service or a product when there is an existing and present need for that product. However, there may be needs that are unregistered. Those needs may fall under the radar and evade registry by the market and the potential consumer who has that intrinsic need. This may occur frequently in evolving industries such as technology where the capabilities and discoveries made drive the demands and needs of the consumer. Think of it as a process improvement initiative; except that your solution will address concerns that have not been voiced by your proposed consumers as of yet. Focus on the added value to the consumer. People are receptive and responsive to improvements that will preserve: time, money, and personal resources. Provided that your service or product is in alignment with at least one of the three, you are on the right track.
Step 2: Broadcast Availability of New Product or Service
To raise your proposed process solution to the targeted consumer’s conscientiousness, you must advertise and promote it openly across all industries. This is not done as method of selling or gaining a financial advantage, but to communicate that there is an alternative available. You want to capture the attention of both, the targeted consumer and everyone else within their sphere of influence. You may do this, through presentations, demonstrations, advertisements, any medium that guarantees you an audience with someone within the targeted consumer’s base or anyone within his sphere of influence. Once the word is out about the effectiveness and the overall improvement, then you can focus on the selling point.
Step 3: Connect the Targeted Market with an Existing Specific industry
There is an organizational level, to everything that we do. Consumers are oriented in their schemas based on certain pre-set organizational structure. To successfully create your market opening, you need to connect your idea to the existing hierarchy of industries. In order words, you do not get to reinvent the wheel. Unless, you are the 21st Century Picasso you must follow the existing hierarchy. This will allow people to comfortably embrace what you offer without undue burden on their existing schema or their understanding and perception of the way things work. The designation of which industry to synchronize with should be centered around the primary function of the product or service.
About the Author:
Catherine is the founder and owner of Delcin Consulting Group, a business consulting firm that provides comprehensive services to Startup Companies, Existing Businesses, and Non-Profits Organizations. The collaborative efforts of the DCG firm generate business solutions and long-term support to facilitate and ensure the successful pursuit of entrepreneurship. Connect with Catherine via email at Catherine.firstname.lastname@example.org, or connect with her on Twitter at http://twitter.com/CatherineDelcin.