Where’s the cash?
Well done – if you’re back again this week your idea has passed the “customer problem” test! You’re half way there…
So you have a customer problem and a likely solution. Now you need to see if it’s got commercial legs. Here are this week’s questions:
- Where is the money coming from to pay for your solution?
- Is it from the current solution to problem (i.e. digital advertising comes from traditional advertising buckets)
- Is it a substitution of budget? (i.e. instead of spending on X they will spend on your solution)
- Is it a new budget? When does the new budget start from?
- And finally, is your solution a better investment than the above alternative uses of funds?
Having a clear solution to a customer problem and understanding where the money comes from gives you a better starting point than most.