Our Q4/2023 Newsletter focuses on our Customer Discovery Bootcamp for Market Exploration. It is offered on demand with new cohorts starting in January 2024.
Newsletter Q4/2023: Market Exploration
Is my business idea viable and likely to succeed?
How can I validate my business idea before investing significant resources?
We developed the customer discovery bootcamp to help you answer these questions. More importantly, we developed it to help them learn how to find prospects and make offers that lead to deals. After years of experience supporting entrepreneurs we have a deep understanding of what it takes to develop a successful business.
What makes market exploration so hard?
You start with some beliefs, assumptions, and information that are inaccurate or incorrect. Uncovering the ground truth and updating your mental models and beliefs takes time.
You uncover incomplete information. It’s true as far as it goes, but you may unwittingly extend it into further misunderstandings. Put another way, your observations and the stories you hear are accurate, but you don’t understand the full context, so you make wrong assumptions and reach the wrong conclusions.
People will rarely lie to you, but they may tell you what they think you want to hear. They reinforce your mistaken beliefs and information, or tell you what they believe is true without realizing the limits of their understanding. You can exacerbate this by embedding the answers you want to hear in the questions you ask.
Your identity gets bound up in the product and business model. This makes it harder to gain clarity and emotional distance from what you are learning and the feedback you are receiving.
It’s as much about creating a market as discovering one. You must make offers to see if they work, and you cannot just copy or remix what others are doing.
SKMurphy’s Customer Discovery Bootcamp helps you manage these challenges. It combines a structured approach to market exploration with opportunities to voice what you have learned and walk around the situation as well as down time to “sleep on” and reflect on what you have seen and heard. You get multiple perspectives from other entrepreneurs who help you sort out what you have learned. They have more emotional distance from the challenges you are facing and can provide a disinterested perspective.
Market exploration is a crucial step for entrepreneurs to gain a deep understanding of their target market, validate their business ideas, and make informed decisions to increase the likelihood of success in their ventures. It helps them minimize risks, maximize opportunities, and adapt to changing market conditions
SKMurphy, Inc. offers customer development services for startup entrepreneurs. We help founders generate leads and close deals to grow your business. Our focus is on early customers and early revenue for technology and expertise products.
“Time to Market” (subscribe) is a new joint podcast by SKMurphy and LeanB2B. Sean K. Murphy and Étienne Garbugli provides actionable insights, principles, and rules of thumb for B2B entrepreneurs.
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