Revealing Gaps, Targets, and Audiences for a New Product or Service Idea

This week’s lecture a guest lecture with Dan Parry, digital strategist at Metier Digital, who asks — and answers — “how can we ensure a business or creative idea is targeted and researched to maximize its potential? “

UNDERSTANDING YOUR AUDIENCE

Parry discusses the importance of understanding your audience, talking to your potential customers, really understanding what it is that they want and starting to build that audience before you even launch.

One of the key things when trying to build or launch anything successful is really just understanding your audience. —Dan Parry

COMPETITION

Understanding the competition and the market landscape is equally as important. Researching the landscape, trying to do as much competitor analysis and landscape analysis as quickly as you can will set you up for great success. 

MINIMUM VIABLE PRODUCT

MVP, or minimum viable product refers to is a version of a product, service, or tool with just enough features to satisfy early customers and provide feedback for future development. Be sure to be iterating quickly and building value. The faster you iterate, the faster you build that value, the more opportunity there is for you to learn whether people want your product or service, whether you can pivot or whether you should pivot, whether you should stay or not. 

PROCESSES

• SWOT Analysis 

• Competitive Landscape 

• Competition Comparison 

TOOLS

• Hotjar – Tracks customers on a website

• Google Analytics Tracks audience behavior and data on websites

• Later.com Social Media Tracking and Analytic

REFERENCE:

Falmouth University (2020). Revealing Gaps, Targets and Audiences for a New Product or Service Idea | Lecture. Studio and Entrepreneurship GDE730 20/21 Part-Time Study Block S2 (Falmouth, UK: Falmouth University)

Young, A., (2011). Brand Media Strategy – Planning in the Digital Era, New York: Palgrave MacMillan

Fitzpatrick, R. (2019). The Mom Test: How to talk to customers and learn if your business is a good idea when everyone is lying to you. London: Robfitz.