Finding a Need You Can Meet Better Than Others

This is the Third Installment in the Series on Starting a BAM Company

At the heart of any successful venture is the ability to identify and meet a need better than anyone else. In this installment of our series, we’ll explore how you can discover those needs and position your business to serve them effectively.

Understanding the Market

First things first: you need to understand the market. This means doing your homework on the area you’re interested in. Here’s how to start: Listen to Your Potential Customers

Your potential customers are a goldmine of information. Engage with them to understand their needs better:

·      Surveys and Questionnaires: Ask directly about the challenges they’re facing.      

·      Interviews: Conduct one-on-one interviews to get in-depth insights.

·      Community Engagement: Join community groups related to your industry, both online and offline, to hear firsthand what people are saying.

·      Site Visits: If you’re planning on opening in an area or country in which you haven’t lived don’t do anything else until you’ve visited for an extended period of time. Exporting your “home ideas” to a foreign market is usually a formula for failure.

Gather as much information as you can about your target audience’s needs, preferences, and pain points.

Assessing Your Strengths and Weaknesses

To outshine others in meeting a need, you need to leverage your unique strengths. Reflect on these factors:

·      Skills and Expertise: What are you exceptionally good at? What knowledge do you have that others might not?

·      Resources: What resources do you have that give you an edge?

·      Network: Who do you know that can help you? This could include mentors, advisors, or potential partners.

Understanding your strengths will help you determine how you can uniquely address a need in the market.

Finding the Overlap

Your sweet spot lies where your strengths meet a market need. Here’s how to find that overlap:

·      Map It Out: Create a Venn diagram with one circle for market needs and another for your strengths.

·      Look for Intersections: Identify where these circles overlap. This is your opportunity zone.

·      Validate Your Idea: Test your idea on a small scale. Offer a prototype or pilot service to a select group of customers and gather feedback.

Crafting Your Unique Value Proposition

Once you’ve identified a need and know how you can meet it uniquely, it’s time to craft your unique value proposition (UVP). Your UVP should clearly state:

·      Who you are: Briefly introduce your business.

·      What you offer: Explain your product or service and the problem you are solving.

·      How you solve the problem: Highlight how you meet the need better than anyone else.

·      Why customers should choose you: Emphasize the unique benefits and value you bring.

A strong UVP will help you communicate your business’s value to potential customers clearly and effectively.

Assessing Your Competition

Before you jump, take the time to be clear on what your competitors are doing. Answer the following:

·      Who is there: are there a lot? If so, why? If not, why not?

·      How you stack up: What are they good at and how do you (or your idea) compare? How will you differentiate? Price? Quality? Innovation? Accessibility?

·      What they charge: What does your competition charge? How do they take payment?

·      Reputation: How do people feel about current providers? Positive? Negative? Ambivalent?

Conclusion

Finding a need that you can meet better than others is a fundamental step in building a successful BAM company. It requires a deep understanding of the market, a clear assessment of your strengths, and a commitment to delivering unique value. By focusing on these elements, you can position your business to make a meaningful impact and achieve long-term success.