Earlier this week I was talking to an entrepreneur about his new idea. He was selling me hard on how it was such a great idea and that it’d be super easy to sell. I then asked about competitors and who else was in the market doing it. So, I asked, “If you were a buyer, what search terms would you use on Google to find this service?” We tried a half dozen searches and had no luck finding anything related to this idea. Do I believe competitors exist? Absolutely. Could I find anything? No. Without being able to research the idea more by way of competitors, I recommended he assess market demand.
Here are a few ideas on assessing market demand:
- Browse LinkedIn for 50 people with the pain and send them an InMail message asking to talk
- Ask 20 friends for introductions to any of their friends or professional contacts that can help
- Visit five relevant trade shows and talk to 100 people
- Attend five local networking groups and share the idea with 20 people to get referrals to more people
As with any customer discovery, it’s hard to get in front of the right people and assess market demand. With the appropriate effort and time it’s readily accomplished, and invaluable.
What else? What are some other thoughts on assessing market demand?