Great work so far! 🎉
The Market Form gathers information about the research you have conducted in your startup's market and is of external origin, meaning that the form asks for attributes of the company's environment. This research is of importance as it gives you an idea of who your competitors are, it helps you to understand your target audience, and it gives you a future outlook for business growth 🚀.
Knowing who your competitors are and what they are offering, can help you to make your product/service stand out. The information about your competitors plays an important role in the success of a startup.
The second part of the execution form is about further market research and your target audience. TAM, SAM, and SOM are acronyms for three metrics to describe the market your startup operates in:
Furthermore, it is of high importance to understand the needs and wants of your target audience, as well as to constantly improve the product/service based on feedback. In addition, we require information about the company's threats and opportunities as they show what assets could be helpful but also harmful to the company.
Lastly, please provide us with information about your plan when entering the market, your customers, as well as the company's future growth. This information shows us your ambitions and the awareness of your startup.
When you're ready, click 'Save and continue' to move on to the next form.
🔔 If you have any further questions, please contact us by leaving a message here. We will reply asap!