Identifying target customer segment key - Start-Up Hyderabad
Loading Startup Hyderabad

Identifying target customer segment key

 2 years ago    

One of the important questions that many people ask is – When you have a compelling idea that is sufficiently curated, should you opt going full-time into the ‘startup mode’?

Answering this question is never easy. It gets more difficult for the founders who are enthusiastic about the idea and find it very difficult to be objective. It gets hard to disassociate emotionally with the elements of the idea to be able to objectively prioritise or even maybe drop it.

Some important considerations on when a startup is ready to take the plunge:

Market opportunity vetted

A major part of the idea curation is to ensure there is a clear and unserved whitespace in the present market and your startup has a good way of solving and addressing this problem and reaching out to the market.

Clear target of customers

This is a significantly weak area for most early-stage startups. Need to consciously understand the target customer segments. Categorise clearly the specific segment, need, use-case and problem definition.

Market acquisition approach

For each target segment, need to have a clear plan on how the acquisition will happen. Where the targets are, how to get to them, what are the various channels available, where the influence is, how to get the audience and then how to convince. And this may vary from one target segment to another.

Near-term plans

This is one of the most difficult aspects. Need a clear plan for the first customer, the tenth customer, and the hundredth. And beyond. Very specific. Very credible.

Advisors to validate your thinking

A key enabler here is ensuring good advisors as sounding boards. Advisors who are analytical and have a good sense of business in general and better if aware of your domain as well. Identify gaps and weaknesses in the process.

Finally, there are no magic pills that can tell when is a right time to take the plunge. But, the above tips will help in giving a quantified basis for that gut feeling!

Originally posted on new india express

Comments

comments

Ramesh Loganathan

Hyderabad enthusiast, Shiva/Shivaji fan, adjunct faculty.. observing Hyderabad grow into a beautiful, creative, innovation minded tech startup city.

OUR BLOGGERS

  • Saritha Keshamoni

    Saritha Keshamoni

  • Ramya Sayaboni

    Ramya Sayaboni

  • Sruthi Malla

    Sruthi Malla

  • Ruchika Agarwal

    Ruchika Agarwal

  • Neeha Jayaram

    Neeha Jayaram

  • Sameeksha Bansal

  • Rahul Das

    Rahul Das

  • Srinivas Aki

    Srinivas Aki

  • Saloni Anand

    Saloni Anand

  • Dhivya

    Dhivya

  • Soumalya Chakraborty

    Soumalya Chakraborty

  • Sravya Gowrisetty

    Sravya Gowrisetty

  • Ramesh Loganathan

    Ramesh Loganathan

  • Monika Guwalani

    Monika Guwalani

  • Nischala Agnihotri

    Nischala Agnihotri

  • Nikita Kiran

    Nikita Kiran

  • Harshita Goel

    Harshita Goel

  • Ankur Mehta

    Ankur Mehta

  • Neha Mohsin

    Neha Mohsin

  • Maddy Anand

    Maddy Anand

  • Ayyappa Nagubandi

    Ayyappa Nagubandi

  • Chandra Mouli Koduri

    Chandra Mouli Koduri

  • Ayushi Pandey

    Ayushi Pandey

  • Divya Jyothi

    Divya Jyothi

  • Saptarshi Roy Chaudhury

    Saptarshi Roy Chaudhury

  • Amita Sood

    Amita Sood

  • Surya Vallae

  • Vana Korrapati

    Vana Korrapati

  • Ambika Asta

    Ambika Asta

  • Priyanka Mechineni

    Priyanka Mechineni

  • Anish Tadimarri

  • Vinita Surana

    Vinita Surana

image title here

Some title