Verifying Your Business Idea
Lesson 7 from: Brand Strategy BootcampScott Lancaster
Verifying Your Business Idea
Lesson 7 from: Brand Strategy BootcampScott Lancaster
Lesson Info
7. Verifying Your Business Idea
Lessons
Welcome To Brand Strategy Bootcamp
01:32 2The Brand Building Framework
03:28 3Branding 101
05:17 4The 5 Laws of Brand Building
06:34 5The Successful Founder's Mindset
04:13 6The Scientific Reason Why Brands Grow
04:14 7Verifying Your Business Idea
03:05 8Understanding Brand Positioning
03:44Lesson Info
Verifying Your Business Idea
1 (gentle orchestral music) 2 Now, before you invest all your energy 3 and money into building your brand, 4 let's validate your idea first. 5 We'll cover this in two steps. 6 The first step being, what problem do you solve? 7 This is why product market fit is so important, 8 because the brand that is selling something 9 that someone needs is always gonna be more successful 10 than the brand selling something that someone just wants. 11 Let's take dating apps, for example. 12 Most people hear them, including me, 13 so why do people still use them to meet strangers? 14 Well, the truth is, 15 dating apps solves some really big problems, 16 like for example, social anxiety when meeting new people, 17 not having time to meet new people. 18 Maybe you're limited to a small network of friends, 19 or maybe you're just not really that confident 20 and you're quite shy when you first meet somebody. 21 Dating apps, take away all of these pinpoints 22 and offer a solution to help you connect 23 ...
with new people easily, whether it be romantically 24 or whether it be just finding someone 25 for an adult sleepover on a lonely Friday night. 26 These data in apps allow anyone to connect 27 with new people anytime, anywhere, seven days per week. 28 Another great example is meal kit delivery services, 29 because think about it, most people, 30 and most families especially, are short on time. 31 They're short on energy, and the last thing they want to do 32 after a long day at work is come home 33 and have to prep an entire meal from scratch. 34 People don't wanna spend all their spare time cooking, 35 so that's why meal kit delivery services 36 are a great solution. 37 They make sure you have all the ingredients you need 38 in the right quantities, delivered, prepped, 39 and ready to go, 40 and this makes cooking really painless 41 and saves so much wasted time, energy, 42 and waste essentially, 43 because you get exactly how much food you need 44 for the recipe, for the amount of people 45 that you're trying to feed. 46 So the question that we need to ask ourselves is, 47 what problem does your product solve? 48 Because writing this down 49 in your official Lancaster Academy brand guidelines document 50 is the first step to building your strategic brand. 51 On this page of the document, you'll find attached 52 to this course, fill in what the problem is 53 that your product or offering will solve, 54 and in the box next to it, which is the second part 55 of this lesson, make sure you write down 56 how you're going to solve that problem. 57 For example, if Airbnb was gonna fill in those two sections, 58 it would look a little something like this, 59 we solve the problem of finding short term lodging 60 and accommodation in a flexible and more affordable manner, 61 and we solve this problem by finding diverse 62 and affordable lodging options 63 by operating an online platform that connects travelers 64 with hosts offering a wide range of accommodations. 65 Now, take your time doing this 66 because it's super important 67 that we set the direction properly in the beginning. 68 I know it may seem a little bit tricky at first, 69 but trust me, it'll be worth every second 70 because once you have these two sentences crystallized 71 in your mind, it will make it so much easier 72 to make decisions going forward. 73 It's a little like 74 when you have a completely useless employee 75 and you are considering firing them. 76 What, who's getting fired? 77 Really though, I'll see you in the next lesson.
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