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How I think about ideas
99% of new projects dies
That’s why there should be not only one win option, but a large list of possible solutions
In my experience, the best approach to an idea is not to define the client’s abstract problem, but to define WHY I want to do something in simpler language
Good ideas are more like life observations, for example,
"Many people like to wear things that are not like others wear"
"Most people eat at home but don’t like to wash dishes after themselves"
"Many people would like to keep fit, but they don’t have the patience to go to a fitness club regularly"
"It is not convenient for people who travel around the city during the day to meet the courier at the specified address at an incomprehensible period of time"
The solution to each of the problems can be a whole list of different options. This is the key to increasing the number of hypotheses and attempts.
4 main sources of viable ideas
Y combinator shows us such examples every year: B2B Enterprise SAAS, NoCode for minor business function, Uber for smth in emerging markets.
Viable ideas are born in communication between people, and not in "office rooms".
A combination of hobbies, competencies and demand. All of us heard about this kind of people such thesis like "he is the person who found himself".
Micro SAAS (any kind of extentions, like plugins to CRM, or Shopify, or chat bots etc.)
A product is a specific way to implement your idea
We should try different ways until we find one that works
Moreover, there is usually no equality between the phrases "what we do" and "what people buy". Based on the well-known phrase of Philip Kotler "people don’t buy a drill, they buy a hole in the wall" the sooner we start not to develop a platform, but to sell to customers, the sooner we will get the answers we need.
Before talking about product/market fit, it’s better to achieve product/channel fit first. And the next step is to forecast and calculate it in excel before putting any $ into the ads.
Marketing forecast + unit economics
Market x Ads x Converter x Sales x Finance = Profit
Market = how many people and how much $ they’re spending right now per year for existing problem solution options (our direct and indirect competitors)?
Ads = in which channels and how much of that people we can reach using variety of marketing channels and how much clicks would we take from ads?
Converter = how much leads would we take from clicks?
Sales = how much sales would make our sales department from these amount of leads?
Finance = how much money would we earn from sales and how much would be our tax an operational costs?
Profit = how much would be the profit after paying for all costs?
This way we can find the key optimization points in the formula. These are always conversions between stages in the funnel.
Our advertising should be everywhere
If the market grows at a rate above 30% per year, it doubles every few years, so many new customers come to it.
If the market is growing at a rate of less than 30% per year, or even falling, then the only strategy should be to take customers from competitors. To do this, you need to be 2−10 times better in terms of criteria that are important for the consumer.
Need to lure customers from competitors
step 1: not only option but it’s better to go to the market without leaders
step 2: act different from others in marketing and sales
step 3: in order not to be afraid of copying by competitors, you need to become a separate category for buyers
*Book "7 powers the foundations of business strategy". Author Hamilton Helmer
• Exclusive resources and talents • Counter-positioning
Startup usually has only 2 available at the beginning
1. Brand 2. Switching cost to analogues 3. Exclusive resources and talents 4. Network economies 5. Scale Economies 6. Counter-positioning 7. Process power
7 unfair advantages*
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Discuss the goals and objectives of your project. Choose the best solution based on personal startups and agency experience. Estimate the cost and potential benefits from collaboration.