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Evaluate a potential market in 10 questions

August 12, 2022 by Johan Yersin

In the previous article, we presented some tools to help you start your project with confidence. In this one, we are going to propose 10 questions that will help you evaluate the potential of your idea on a market. The 10 questions are inspired by the book “The Personal MBA” by Josh Kaufmann. You can also find them in the book “faire“.

Livre faire

Contenus masquer
Questions to evaluate a potential market
1. Urgency
2. Market size
3. Possible price
4. Cost to acquire a customer
5. Cost to produce value
6. Originality of the offer
7. Speed to market
8. Initial investment
9. Potential for additional sales
10. Persistence potential
What about now? Is your idea a good fit for the market?

Questions to evaluate a potential market

For each of the 10 questions, you must spontaneously give a number of points between 0 and 10 (don’t forget to write them down somewhere). At the end, you add up the total of the points you gave. You can then analyze the situation and make decisions accordingly.

1. Urgency

How well does your solution meet an immediate need or desire of the people?

2. Market size

How many people are willing to purchase your proposed solution? How many people will benefit from your solution?

3. Possible price

What is the highest price a typical buyer would be willing to pay for a solution to their problem/need?

4. Cost to acquire a customer

How easy is it to get a new customer? On average, how much will you invest – in terms of money, time and energy – to generate a sale?

5. Cost to produce value

How much do you estimate the cost of creating value, to deliver it in terms of time, money and energy?

6. Originality of the offer

How unique is your offering compared to the competition’s existing offerings, and how easy is it for your competitors to copy you?

7. Speed to market

How quickly can you create your solution?

8. Initial investment

How much will you have to invest before your solution is ready for sale?

9. Potential for additional sales

Could you make related sales to the offer you provide to your customers?

10. Persistence potential

Once you’ve created your initial offer, how much more work will you have to put into it to keep selling it?

What about now? Is your idea a good fit for the market?

Normally, you now have a point total between 0 and 100 points (if not go back to the beginning of the article, there was a misunderstanding). It is time to analyze the result and choose a fate for your idea. You can refer to this scale to determine if your project corresponds to a potential market.

Barème marché potentiel
Scale you can find in the book “faire“

 

Of course, this scale is only an indication, you are free to analyze your answers in different ways.

If this exercise has allowed you to better understand the needs of the market corresponding to your idea, don’t hesitate to get the book “faire“, co-authored by Sedat Adiyaman, founder and CEO of think2make. An inspiring book that will help you go deeper into your project thanks to theory but also, and especially, thanks to other exercises that will help you ask yourself the right questions at the different stages of your project.

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