Looks so simple. But unfortunately hardly anybody does this.
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…
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