There are various framework-based methods for coming up with ideas for new businesses, but a good place to start is to identify customer needs and the challenges facing the market you are planning to enter. Specifically , you need to collect and analyze data through market research, business research, questionnaires, and interviews.
Once you have identified customer needs and market issues, consider new zealand telephone numbers whether you can use your company's knowledge and technology to solve them. The key is to first make a list of what your company can do, and then come up with a plan that will effectively utilize your company's strengths in the market you are entering.
Brainstorming using sticky notes
2. Determine your business domain
A business domain is a concept that refers to the area in which a business is developed. When solidifying your business domain in concrete terms, it is a good idea to consider it along the three axes in the table below.
Customer Axis To whom. Target your product or service.
Technology axis strengths such as technology and know-how?
Functional axis What. The function or value that a product or service provides.
By thinking along these three axes, you can determine the scope of "which target (customer axis)," "how to utilize your company's strengths (technology axis)," and "what products and services to provide (functional axis)." In addition, by determining the business domain, you can clarify the direction of your new business and materialize ideas for new products and services.
3. Thorough market research and business feasibility study
In order to concretely proceed with product and service development, it is important to consider market needs, the competitive situation, and business feasibility. This is a process that should be carried out thoroughly, as it also leads to risk management and improved competitiveness when launching a new business.