I’m working on a project to help a client start a new B2C business.
The category is new to me so I am knee-deep in market research. I’m learning critical lessons each day about an industry that I know little about and am researching with my eyes wide open.
I’m approaching the project as a search for information NOT affirmation. I have the right to be wrong and I am cautious of falling in love with my own ideas too early in the process.
I’m trying hard to disprove my hypothesis so that I don’t overlook something important. I’m searching for warts and faults in the business idea In some respects, I’m playing devil’s advocate on my idea.
It is easy to try and confirm your hypothesis, but I’m taking a different approach looking to find reasons why the business will fail. I am preparing for what can go wrong and anticipate the difficult-to-anticipate challenges. If I were presenting this concept to investors, most of the presentation would be about the reasons my idea will won’t succeed.
Objectivity versus Subjectivity
I created a survey to ask some questions to the target audience. The results are so overwhelmingly positive and supportive of my idea; I’m convinced I’m missing something important.
I’m searching for ways to disprove what I believe is right.
- Challenging my idea: I’m reaching out to former colleagues to ask them to help burst my bubble. What am I missing? Can you disprove my hypothesis about this idea? What problem am I underestimating?
- Moving fast: I created an MVP (minimal viable product) in front of an MVA (minimally viable audience). If I can’t sell the product to 25 people who become raving fans of the product and the concept, I’ll never be able to sell it to 2,500 people. So, I’m moving quickly to get some market validation and to see what happens when I watch what people DO not just what they SAY.
- Frontline visits: Since this is a market I don’t know, I’m being pushed by smart friends to visit the front lines and observe first-hand instead of sitting in my office typing ideas into my laptop. I have to get outside of my comfort zone and not fear being challenged by knowledgeable experts.
Data Drives Decisions
Ultimately, I want data, information, and insights to bring my strategy into sharper focus. If I want affirmation of how smart I am, I’ll call my mom. She always tells me how smart I am. I want to see the problems first, particularly because it is easy to understand the upside.
What I’m trying to avoid is an affirmation of my idea since that can make you blind to the most difficult challenges. When you work on a new project, how do you behave? Are you a seeker of information or are you looking to affirm what you believe?
The sage marketer is always looking for the problems, the flaws, and the roadblocks. We succeed when we solve the challenges, not when we ride a wave of optimism.
You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free, and we can explore if working together makes sense. Try my new chat feature on my site if you have a quick question.
Photo by Andrej Lišakov on Unsplash
