Here’s what we will cover today:

• How to judge your growth ideas using market research

• Can you name this politician? 

• What 2024 taught us about marketing and how it will shape 2025 

Quote of the Day

“Have the end in mind and every day make sure you are working towards it”
~Ryan Allis

Today’s Tip

It’s relatively easy to come up with ideas to grow your business. It’s unfortunately a bit more work to conduct market research to judge the merit of these ideas.

Specifically, there are several market and marketing criteria against which you should judge your potential opportunities to figure out which ones are worth pursuing. These criteria are primarily focused on new product or service opportunities you identify, and include the following:

• Big Market Size: is the market for your potential new product or service big enough? If the market is too small, it might not make a material impact on your bottom line — even if you achieve success.

• Positive Market Trends: is the market for your potential new product or service growing, shrinking, or flat? A shrinking market is not a good indicator of your future success.

• Competitive Gaps: How well are competitors filling the customer needs your potential new product or service seeks to fulfill? If the answer is not very well — then how quickly or easily do you think they could modify their offerings to directly compete with you?

• Solving a Real Pain: How big is the customer pain that your potential new product or service solves? Are you offering a “nice to have” or “need to have” solution?

• Customer Targeting: How identifiable and/or reachable are the customers you hope to serve with your potential new product or service? For instance, finding soccer players is very easy; identifying business owners who are interested in losing weight is a bit more challenging.

Conduct this research and judge your growth ideas against it to ensure you pursue only the worthiest opportunities. And then document these opportunities in your business plan.

Today’s Resource

Make Investors Say “Yes!”

Successful business plans share one thing: compelling market research. 

It’s what convinces investors your idea is worth their money. 

Growthink delivers everything you need from customer demographics to competitive profiles.

Win over investors. 

Trivia

Today’s Question: He attended the University of Georgia and owned several agribusinesses before entering politics. He has served as the Secretary of State in his home state while in the midst of an extremely close governorship election. He received national attention when his state was one of the first to start the "re-opening" process during the COVID-19 pandemic. Who is this man?

Previous Question: What communications giant goes by the stock symbol T on the New York Stock Exchange?

Previous Answer: AT&T

AT&T Inc. is a holding company. The Company is a provider of telecommunications, media, and technology services globally. The Company operates through two segments, namely Communications and Latin America. The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the United States and globally.

News

What 2024 Taught Us About Marketing and How It Will Shape 2025

Don’t make too many assumptions based on A/B testing, warns study

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