- Posted on September 9, 2014
- by John Scranton
Entrepreneurs, startups and emerging businesses need to define and test their markets. There were multiple criteria recommended in the Business Basics Chapter of Your Virtual Success. Is the recommended criteria written five years ago still valid today?
- Vetting the value proposition
- Is it a want or a true need
- Will prospects pay the target selling price
- How does it compare to competing products and services
- If it’s an innovation, is the market ready to adopt it
- Is it affordable for a sufficient number of prospects
- Is there current demand for this product or service
- How difficult to reach the buyer
- How long is the sales cycle
- Can you collect up front (deposits)
Little seems to have changed in this list – it is as valid then as it is today. If we were to apply this to an emerging agency, they would need to determine which lines of coverage to offer, the size of the target prospect by revenues or employees, would they need to add experts to their sales efforts (compliance expert for ACA for example), how difficult would it be to reach a given decision maker (risk manager, owner, VP HR, ect.), and the competition in their given target sales area. For more information on Your Virtual Success, or my new book Sell More & Work Less, visit startupselling.com/book.html. For assistance with b2b marketing or insurance web marketing, call (518) 222-6392.