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Market Validation

Thinking about your new opportunity in an existing busness.

Two complimentary sets of tools could be useful to you maximizing the potential of your new successful business model / business software.

They come out of Silicon Valley innovation and start-up community, and they are being applied to existing larger corporates also to reinvigorate them in a fast changing market.

These are Market Validation / Customer Development and Business Model Generation.

(Please note: the examples and links below are mostly IT startups, and the principles apply to existing businesses with some validity):

 

Market Validation / Customer Development (for example in an existing business – asking existing customers, past customers, and potential customers what they need and will pay for)

  • What are customers seeking?
  • Why do they do / not do business with us?
  • What was their experience?
  • What was their result?
  • What insights do we gain from the answers?

 

For Market Validation / Customer Development see the links below

 

Customer Development combined with Agile Development evolving a product people actually want!

http://www.youtube.com/watch?v=8yEvOTgCJEY&feature=related

 

A Scientific approach to making entrepreneurial decisions

http://www.youtube.com/watch?v=y-ozPfRHFt8&NR=1&feature=endscreen

 

Business Model Generation

Using a business model generation tool – such as the Business Model Canvas

Searching, exploring and developing new business models

Testing business models before we build them

When the model works – then build it

 

For Business Model Generation see the links below?

 

Business Model Canvas (in short)

http://www.youtube.com/watch?v=QoAOzMTLP5s

 

Business Model of Groupon vs. daily email lists

http://www.youtube.com/watch?v=7J-PHRNoc20&feature=related

 

Good business models for VC funding

http://www.youtube.com/watch?v=5ZXZDcQAskU&feature=endscreen

 

Business Model Generation in Detail

http://www.youtube.com/watch?v=jMxHApgcmoU&feature=related

 

These tools might be part of a Strategic Overview of this opportunity

They might also be part of an ongoing strategic business / product development process

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