HUNT like a Start Up
Organizations in larger corporations can struggle to find both the capacity and capability to engage with the market outside their traditional channels and methodology. Start ups hunt differently, and the tools they use are different. With the availability of simple AI solutions to both create and analyze larger data sets at very low cost, so much can be done quickly if we re-invent the process. Combining that with some good ethnography can provide is with a pretty complete picture of the market and it’s potential.Example Coming Soon
When we’re hunting, we’re trying to answer a few fundamental questions about the potential business opportunity. Often, we already have part of the answer. Innobrix leverages a few tools in combination to complete the picture.
- Business Model Canvas – particularly the right hand side of that canvas with a focus on Product-Market-Fit and customer relationships.
- Market sizing – far from an exact science, this requires a bit of triangulation and a healthy balance between qualitative and quantitative data
- Customer Personas – as we’re speaking with more and more potential customers, we’ll start to segment these by needs and develop some clear customer profiles and personas
- Demand Modeling – while we’re just getting started with customer discovery and have much to learn, we can make some educated assumptions about Cost to Acquire and market penetration rates to assess whether we’re hunting in the right market segment.
This isn’t a “one-size-fits all” service, and some degree of customization is always required, but the general steps include: