Current Environment and Trends
How trends and environments impact your business and your main message to your target Niche? Let’s get into what’s going on in the world. What winds are blowing? What new technologies are emerging? What competitor products are out there. So, we’re going to be really focusing on just collecting information and getting the full picture. So if we can intersect the customer’s path and the environment’s paths, then we’ll be able to find a fit.
In this Section of Market Research and Resonance, we need at least FOUR trends / environment.
Now that we mapped out the niche, we know exactly who we’re going after. We also need to understand the current trends in the environment.
How do the customer path and environment acting on this path determine the right timing?
Your ideal customer is moving around. The environment is acting on your customer.
If there’s a new technology, if there’s a new competitor, there’s a new regulation if there’s a new trend. There are new rules. Let’s say there’s a natural disaster, a war, a famine, a virus, something. It affects this customer’s position on that moving path.
Let’s say the time frame is equal to one year. And you’re starting from time zero, which is your reference point. In one year, you know that something, a new technology, will be introduced, and there’s going to be some sort of force on that customer at that time.
And maybe, there’s a regulation, and there’s going to be another force on that customer at that time. Or maybe, there’s a new competitor, and there’s going to be a force on that customer at that time.
So, it’s essential to not only understand the customer’s path as they’re traveling through time, the customer’s position as they’re traveling through time,
But it’s also essential to understand the environment and the forces acting on the customer. And if you truly understand the forces acting on the customer, you’ll get your timing right. Because you can pick someone up right here.
How do you research what trends are acting and how to use these for your advantage?
How to check trends?
- Google Trends
- Ahrefs (keywords)
- Industry sites
- Social Media
- …..
You’re going to be looking at the most urgent problem. And there’s this new technology that’s available to solve this. Why isn’t everyone doing it? Am I the only person doing this? Am I the only person who knows this?”
And that actually, Peter Thiel says, “The best companies are founded on secrets.” What do you know to be true that other people either don’t know yet or are unwilling to admit.
And when you have the niche, and the environment mapped out, the secrets are revealed. You’re the only one who knows the truth. So, this will allow you to determine secrets.
For Example:
Terms like SEO, SEO Tools, Search Engine Optimization have peaked up in the recent past. Check google trends. People want to spend less on paid ads and expensive referral programs.
Data Source:
https://www.saas-capital.com/blog-posts/private-saas-company-valuations-2019/
Interpretation:
Opportunity to make a significant capital gain by creating a software business
Trend 1:
Trend:
Identify top trends in my target Niche. For Example: Due to pandemic, my target Niche wants to spend less on paid ads and expensive referral programs.
Data Source:
Mention Data sources and resource Indexes and links from the web For Example: https://www.saas-capital.com/blog-posts/private-saas-company-valuations-2019/
Interpretation:
Interpret your trend analysis and express your beliefs about how this trend is going to create a massive potential and opportunity in your Niche Market. For Example: Due to this trend, there is a massive opportunity to make
