Market Analysis Workshop: Tuesday, June 18

North Dakota District Office  - June 11, 2019

u s small business administration

 

Market Analysis
Is Your Business Idea Viable?
Workshop

NDSU Research & Technology Park, Fargo, ND

Tuesday, June 18, 2019

8:00 - 10:00 am

Register

Presenter: Dell Carver, SCORE Mentor

Who will your first customer be? What value do you create for that customer? How do you grow from that first customer to the 10th, 100th and millionth? In this workshop, Del Carver, SCORE Mentor, will walk you through the Market Analysis process to grow your business:

  • What does the industry where your firm will compete for customers look like?
  • What value will you create for potential customers?
  • If you are able to create value for your customers, will you be able to capture any of it?
  • Who holds the value-capture power in the industry you are entering -- buyers, suppliers, customers or others?  (Today’s customer is much more powerful than in the past)
  • How will your firm be differentiated and stay that way?
  • Are there few or many prospective customers for your product or service? I can show examples of how to define market segments and determine their size.
  • What is your immediately addressable market?
  • How will you address that market in terms of Product, Price, Promotion and Place?
  • Who will be your first customer?
  • How will you move from that first customer to the 10th, 100th and millionth?
  • What is the cost of acquiring a new customer?
  • What kind of skills will you want to procure from your team members to complement your own?
  • When will you need to incorporate people with those skills into your business?

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Business Builders Workshops are monthly workshops offered by SBA and its Resource Partners: North Dakota Small Business Development Centers, North Dakota Women's Business Center, West Central Minnesota Small Business Development Center, and SCORE Mentors.