Spotting the next big thing isn’t about luck; it’s about strategy. This guide dives into the practical steps of identifying new market opportunities, from understanding unmet customer needs to crafting a winning go-to-market strategy. We’ll explore proven methods to analyze market trends, evaluate viability, and even navigate the complexities of international expansion. Get ready to sharpen your market research skills and uncover lucrative opportunities you might have missed.
We’ll cover everything from analyzing customer feedback and conducting competitive analyses to leveraging innovation and developing a robust marketing plan. This isn’t just theory; we’ll look at real-world examples of success and failure, helping you avoid common pitfalls and maximize your chances of success. By the end, you’ll have a clear roadmap for identifying and capitalizing on promising new markets.
Understanding Market Needs
Identifying and capitalizing on unmet market needs is crucial for launching successful new products or services. This involves a deep dive into understanding your target audience, their current pain points, and their aspirations. By effectively analyzing existing markets and emerging trends, you can uncover lucrative opportunities that others may have missed.
Unmet Customer Needs in Existing Markets
Discovering unmet needs often requires looking beyond the obvious. It’s about understanding the frustrations and inefficiencies customers experience even with existing solutions. For example, consider the market for online grocery delivery. While convenient, many services struggle with timely delivery, limited product selection, or high fees. These shortcomings represent unmet needs: a faster, cheaper, and more comprehensive grocery delivery service.
Identifying these gaps allows entrepreneurs to develop solutions that address specific customer pain points and gain a competitive edge.
Emerging Consumer Trends and Their Impact
Three significant emerging consumer trends are impacting market opportunities: the rise of sustainability, the increasing demand for personalization, and the growth of the experience economy.
- Sustainability: Consumers are increasingly conscious of environmental impact. This translates to a growing demand for eco-friendly products and services across various sectors, from clothing and food to transportation and technology. Opportunities exist in developing sustainable alternatives to existing products or creating entirely new products catering to this growing demand. For instance, the market for plant-based meat alternatives is booming due to this trend.
- Personalization: Consumers value tailored experiences. This trend drives demand for customized products, services, and marketing strategies. Companies are leveraging data analytics and AI to offer personalized recommendations, targeted advertising, and bespoke products, creating new market opportunities in areas like personalized healthcare, education, and entertainment. Think Netflix’s recommendation algorithm – a prime example of personalization driving market success.
- Experience Economy: Consumers are increasingly prioritizing experiences over material possessions. This shift creates opportunities for businesses offering unique and memorable experiences, such as immersive travel packages, interactive entertainment venues, or personalized workshops. The rise of escape rooms and immersive theatre productions illustrates this trend’s impact.
Analyzing Customer Feedback to Pinpoint Unmet Needs
Analyzing customer feedback is essential for identifying unmet needs. This involves systematically collecting and interpreting data from various sources, including customer surveys, reviews, social media comments, and customer service interactions. Qualitative data, such as open-ended survey responses and customer testimonials, provides rich insights into customer experiences and pain points. Quantitative data, such as sales figures and customer satisfaction ratings, can help quantify the impact of unmet needs.
By combining these approaches, businesses can develop a comprehensive understanding of customer needs and preferences. For example, analyzing negative online reviews can reveal common complaints about a product or service, highlighting areas for improvement and potential new market opportunities.
Designing a Survey to Gather Data on Potential Market Needs
A well-designed survey can be a powerful tool for gathering data on potential market needs. It should include a mix of question types, such as multiple-choice, rating scales, and open-ended questions. The survey should be concise and easy to understand, and it should target a representative sample of the target audience. The questions should be carefully crafted to elicit information about customer needs, preferences, and pain points.
For instance, a survey for a new fitness app could include questions about users’ current fitness routines, their fitness goals, and their frustrations with existing fitness apps. Analyzing the survey results will help identify unmet needs and inform the development of a new product or service that addresses those needs. Pilot testing the survey with a small group before widespread distribution is crucial to identify and correct any issues.
Identifying Untapped Niches
Finding untapped niches is the key to building a truly successful and sustainable business. It’s about identifying underserved markets or unmet needs where you can offer a unique product or service with minimal direct competition. This involves a keen understanding of market trends, consumer behavior, and a methodical approach to analyzing existing market data.
Market Segmentation Strategies for Niche Identification
Different market segmentation strategies offer unique pathways to discovering lucrative niches. Geographic segmentation focuses on specific locations, demographic segmentation targets specific age groups, income levels, or ethnicities, psychographic segmentation considers lifestyles, values, and personality traits, and behavioral segmentation analyzes purchasing habits and brand loyalty. A combined approach, using multiple segmentation methods simultaneously, often yields the most comprehensive results.
For example, a company might target young professionals (demographic) living in urban areas (geographic) who are interested in sustainable products (psychographic) and frequently purchase online (behavioral). This intersection creates a very specific and potentially profitable niche.
Examples of Successful Businesses in Untapped Niches
Many successful businesses owe their success to identifying and capitalizing on previously untapped niches. Consider Dollar Shave Club, which disrupted the men’s shaving market by offering affordable, subscription-based razors directly to consumers online. This approach bypassed the traditional retail channels and targeted a segment tired of high prices and inconvenient shopping experiences. Another example is Warby Parker, which revolutionized the eyewear industry by offering stylish, affordable glasses directly to consumers online, challenging the established players with a direct-to-consumer model and a focus on customer experience.
These examples demonstrate how focusing on a specific, underserved market segment can lead to significant success.
Competitive Analysis to Identify Market Gaps
Conducting thorough competitive analysis is crucial for identifying gaps in the market. This involves researching existing competitors, analyzing their strengths and weaknesses, identifying their target audiences, and understanding their pricing strategies. Tools like SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) are invaluable in this process. By meticulously studying competitors, you can pinpoint unmet needs, underserved segments, or opportunities to offer a superior product or service.
Analyzing customer reviews and social media conversations can also reveal valuable insights into unmet needs and areas for improvement. A comprehensive competitive analysis forms the bedrock of a successful niche market strategy.
SWOT Analysis for a Hypothetical Niche Market: Personalized Pet Food Delivery
Let’s consider a hypothetical niche market: personalized pet food delivery. This service caters to pet owners who want customized food based on their pet’s specific dietary needs and preferences.
| SWOT Analysis: Personalized Pet Food Delivery | Strengths | Weaknesses | Opportunities | Threats |
|---|---|---|---|---|
| High customer loyalty potential, customizable offerings, potential for recurring revenue, strong online marketing opportunities | High startup costs, dependence on reliable supply chain, potential for ingredient sourcing challenges, need for robust quality control | Expanding into new geographic markets, offering additional pet care services, developing strategic partnerships with veterinarians | Competition from established pet food brands, changing consumer preferences, economic downturns impacting consumer spending, potential regulatory changes |
Analyzing Market Trends
Spotting new market opportunities isn’t just about having a good idea; it’s about understanding the forces shaping consumer behavior and technological landscapes. Analyzing market trends allows you to anticipate future demands and position yourself for success. This involves understanding the impact of technology, societal shifts, and effectively using forecasting tools.
Technological Advancements and New Market Opportunities
Technological advancements are constantly creating new market opportunities, often disrupting existing ones. The rise of smartphones, for example, spawned entire industries around mobile apps, mobile payments, and location-based services. Similarly, advancements in artificial intelligence (AI) are creating opportunities in areas like personalized medicine, autonomous vehicles, and advanced robotics. These technologies don’t just create new products; they also change how existing products are made, marketed, and consumed.
For instance, 3D printing has opened up possibilities for customized manufacturing and on-demand production, creating opportunities for small businesses and personalized product offerings. The key is to identify technologies with disruptive potential and envision how they can be applied to create innovative solutions or improve existing ones.
Societal Shifts and Their Implications
Three major societal shifts with significant implications for new product or service development are: the increasing focus on sustainability, the growing demand for personalized experiences, and the rise of the experience economy.The emphasis on sustainability is driving demand for eco-friendly products and services across various sectors. Companies are responding with initiatives focusing on reducing carbon footprints, using sustainable materials, and promoting ethical sourcing.
This trend creates opportunities for businesses offering sustainable alternatives in areas like packaging, fashion, and food production.The demand for personalization is leading to a rise in customized products and services. Consumers are increasingly seeking unique experiences tailored to their individual needs and preferences. This trend is visible in areas like personalized medicine, customized clothing, and tailored online content.
Businesses are leveraging data analytics and AI to deliver personalized recommendations and offerings, enhancing customer loyalty and satisfaction.The experience economy prioritizes the overall experience of consuming a product or service over the product itself. Consumers are willing to pay a premium for memorable and engaging experiences. This is evident in the growth of experiential travel, interactive entertainment, and personalized events.
Businesses are focusing on creating immersive and memorable experiences to attract and retain customers.
Trend Forecasting Tools and Techniques
Predicting future market demands requires a combination of qualitative and quantitative methods. Quantitative methods involve analyzing historical data, market research reports, and sales figures to identify trends and patterns. Qualitative methods include conducting surveys, focus groups, and expert interviews to gain insights into consumer attitudes and preferences.Trend forecasting tools can range from simple spreadsheet analysis to sophisticated statistical modeling software.
For example, time series analysis can help identify cyclical patterns in sales data, while regression analysis can help identify the relationship between different variables, such as price and demand. Furthermore, scenario planning helps anticipate different future outcomes based on various factors and their interactions, allowing businesses to develop contingency plans. By combining quantitative and qualitative data with appropriate forecasting tools, businesses can develop more accurate predictions of future market demands.
Evolution of a Specific Market Trend: The Rise of Mobile Payments
Let’s illustrate the evolution of a specific market trend: mobile payments.
| Year | Key Development |
|---|---|
| 2000s (Early) | Early mobile payment systems emerge, often tied to specific carriers or networks. Adoption is limited. |
| Mid-2000s | Increased smartphone penetration lays the groundwork for wider adoption. Early mobile wallets appear. |
| Late 2000s – Early 2010s | Apple Pay, Google Pay, and other major mobile payment platforms launch, driving rapid growth. |
| 2010s – Present | Mobile payments become increasingly integrated into daily life. Contactless payments become prevalent. Focus shifts towards security and user experience. |
This timeline demonstrates how technological advancements (smartphones, NFC technology) and changes in consumer behavior (preference for convenience and contactless transactions) fueled the growth of the mobile payments market.
Evaluating Market Viability
So, you’ve identified a potential market opportunity. That’s great! But before you dive headfirst, you need to rigorously evaluate its viability. This involves a thorough assessment of whether your idea has a realistic chance of success, considering factors like market size, competition, and potential risks. A well-executed feasibility study is crucial at this stage.
Conducting a Market Feasibility Study
A market feasibility study systematically investigates the practicality and potential profitability of a new product or service. This involves several key steps. First, you’ll define your target market, outlining demographics, psychographics, and purchasing behavior. Next, you’ll conduct thorough market research, gathering data on market size, competition, and consumer preferences. This data can come from sources like industry reports, surveys, and focus groups.
Analysis of this data helps determine whether there’s sufficient demand to support your venture. Finally, you’ll develop a detailed financial projection, including startup costs, operating expenses, and projected revenue. This projection will reveal whether your business is likely to be financially sustainable. A successful feasibility study will provide a clear picture of the opportunity’s potential, helping you make informed decisions.
Calculating Potential Market Size
Estimating the potential market size is critical for determining the viability of your venture. A simple approach involves identifying your Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM). The TAM represents the total market demand for your product or service, regardless of your ability to reach it. The SAM focuses on the portion of the TAM you can realistically reach given your resources and capabilities.
Finally, the SOM represents the portion of the SAM you can realistically capture, considering competition and market share. For example, if you’re selling a new type of organic coffee, your TAM might be all coffee drinkers globally. Your SAM might be organic coffee drinkers in your region, and your SOM would be the percentage of those drinkers you expect to attract based on your marketing efforts and pricing.
The formula often used is: SOM ≤ SAM ≤ TAM. Accurate market size estimation requires robust research and realistic assumptions.
Assessing Market Risk
Market risk encompasses various factors that could negatively impact your venture’s success. These include competitive pressures, changes in consumer preferences, economic downturns, regulatory changes, and technological disruptions. For example, a new competitor entering the market with a superior product or a sudden shift in consumer demand could severely impact your sales. Thoroughly analyzing these potential risks allows you to develop mitigation strategies, such as diversifying your product line, building strong brand loyalty, or securing patents to protect your intellectual property.
A comprehensive risk assessment is essential for making informed decisions and preparing for potential challenges.
Market Segment Comparison
A crucial aspect of evaluating market viability is understanding the trade-offs involved in targeting different market segments. Here’s a comparison of some common segments:
| Market Segment | Advantages | Disadvantages | Example |
|---|---|---|---|
| Mass Market | Large potential customer base, economies of scale | High competition, significant marketing costs, less brand loyalty | Soft drinks |
| Niche Market | Less competition, higher profit margins, strong brand loyalty | Smaller potential customer base, limited growth potential | Artisan cheeses |
| Premium Market | Higher profit margins, strong brand image | Smaller customer base, price sensitivity, potential for economic downturn vulnerability | Luxury cars |
| Emerging Market | High growth potential, first-mover advantage | High risk, infrastructure challenges, uncertain regulatory environment | Sustainable energy technologies in developing countries |
Developing a Go-to-Market Strategy
Launching a new product or service requires a well-defined go-to-market (GTM) strategy. This strategy dictates how you’ll reach your target audience, communicate your value proposition, and ultimately drive sales. A poorly conceived GTM strategy can lead to wasted resources and a failed product launch, even if the product itself is excellent. Choosing the right approach is crucial for success.Different Go-to-Market Strategies and Their SuitabilitySelecting the optimal GTM strategy depends heavily on factors like your target market, budget, resources, and the competitive landscape.
A small startup with limited resources will employ a different strategy than a large corporation with extensive marketing capabilities.
Go-to-Market Strategy Options
Several key GTM strategies exist, each with its own strengths and weaknesses. The choice depends on the specific context of the market and the product or service being offered.
- Market Penetration: This focuses on increasing market share within an existing market with an existing product. It’s suitable for established products in mature markets where growth can be achieved by capturing a larger share of existing customers.
- Market Development: This involves taking an existing product into a new market. This might involve geographic expansion or targeting a new customer segment. This strategy works well when a company has a successful product and seeks new avenues for growth.
- Product Development: This strategy centers on introducing a new product to an existing market. This is ideal when a company has a strong understanding of its customer base and wants to offer additional products or services that meet their needs.
- Diversification: This involves introducing new products to new markets. It’s the riskiest strategy, requiring significant investment and market research, but it also offers the potential for substantial growth. This is often used when a company wants to reduce its dependence on a single product or market.
Developing a Comprehensive Marketing Plan
A comprehensive marketing plan Artikels the steps you’ll take to reach your target audience and achieve your marketing objectives. It should include a clear definition of your target market, your marketing goals, your messaging, your marketing channels, your budget, and your timeline.
- Target Market Definition: Precisely define your ideal customer. Consider demographics, psychographics, needs, and buying behavior. For example, a new organic baby food company might target millennial parents concerned about healthy eating.
- Marketing Goals: Establish measurable objectives. These could include brand awareness, lead generation, or sales targets. For instance, aim for a 10% increase in brand awareness within six months.
- Messaging: Craft a clear and compelling message that resonates with your target audience. Highlight the unique value proposition of your product or service. Example: “Our baby food is made with organic ingredients and no added sugars, ensuring your baby gets the best nutrition.”
- Marketing Channels: Identify the most effective channels to reach your target audience. This might include social media marketing, content marketing, email marketing, paid advertising, or public relations. A luxury handbag brand might focus on high-end magazines and influencer collaborations.
- Budget Allocation: Allocate your marketing budget strategically across different channels. Prioritize channels that are most likely to deliver a return on investment.
- Timeline and Milestones: Establish a realistic timeline for your marketing activities and set key milestones to track progress. For example, launch a social media campaign in month one, followed by a content marketing initiative in month three.
Examples of Successful and Unsuccessful Go-to-Market Strategies
Successful GTM strategies often involve a deep understanding of the target market and a well-executed marketing plan. Conversely, failures often stem from a lack of market research, poor product-market fit, or ineffective marketing execution.
- Successful Example: Dollar Shave Club
-Their viral video marketing campaign successfully targeted a specific demographic (men tired of expensive razor subscriptions) and communicated their value proposition (cheap, high-quality razors) in a memorable way. - Unsuccessful Example: New Coke
– Coca-Cola’s attempt to replace its original formula with a sweeter version backfired spectacularly, demonstrating the importance of understanding and respecting consumer preferences.
Marketing Campaign for a Niche Market
Let’s design a campaign for a niche market: high-end, handcrafted wooden toys for children with sensory processing sensitivities.The target audience: Parents of children with sensory processing sensitivities seeking high-quality, durable, and aesthetically pleasing toys that are also calming and engaging.The marketing channels: Instagram (visual platform ideal for showcasing the toys), targeted Facebook ads (reach parents of children with special needs), collaborations with occupational therapists and sensory integration specialists (build credibility and trust), and a well-designed website with detailed product information and customer testimonials.
The messaging will focus on the toys’ sensory benefits, their handcrafted quality, and the positive impact they have on children’s development.
Leveraging Innovation
Identifying and capitalizing on innovative solutions is crucial for establishing a competitive edge in new markets. A truly innovative approach goes beyond simple improvements; it involves creating something entirely new or significantly disrupting existing paradigms. This section will explore how to leverage innovation effectively in new market development.
Innovation isn’t just about inventing the next “big thing”; it’s about systematically identifying and implementing new ideas that meet unmet needs and create value. This involves a blend of creativity, strategic thinking, and a commitment to continuous improvement. Understanding the different facets of innovation – from product development to organizational culture – is key to unlocking its full potential.
Innovative Approaches to Product and Service Development
Three innovative approaches stand out: First, leveraging AI and machine learning to personalize products and services, creating tailored experiences that resonate deeply with individual customers. Think of Netflix’s recommendation engine, which constantly adapts to user preferences, creating a highly personalized viewing experience. Second, embracing circular economy principles by designing products for durability, repairability, and recyclability, reducing waste and environmental impact.
Patagonia’s repair program, where they encourage customers to repair their clothes instead of replacing them, is a prime example. Third, utilizing additive manufacturing (3D printing) to create highly customized and on-demand products, reducing lead times and minimizing inventory costs. This approach is particularly effective for small-batch production and prototyping.
Intellectual Property Protection in New Market Development
Protecting intellectual property (IP) is paramount in new market development. Strong IP protection—through patents, trademarks, and copyrights—prevents competitors from copying innovative products or services, safeguarding the investment made in research and development. Without adequate IP protection, the competitive advantage gained through innovation can be quickly eroded, leaving the company vulnerable to imitation and reduced profitability. A robust IP strategy should be developed concurrently with the product or service itself, ensuring that all key aspects are legally protected.
This includes thorough patent searches to determine patentability and a clear understanding of the relevant IP laws in target markets.
Fostering a Culture of Innovation
Cultivating a culture of innovation requires a multifaceted approach. It starts with leadership commitment – leaders must actively champion innovation, allocate resources accordingly, and celebrate successes (and learn from failures). Open communication and collaboration are essential; creating environments where employees feel comfortable sharing ideas and challenging the status quo is crucial. Providing employees with the time, resources, and training needed to pursue innovative projects is also vital.
This could involve dedicated innovation teams, hackathons, or internal idea-generation competitions. Furthermore, a system for recognizing and rewarding innovative contributions motivates employees and fosters a culture where innovation is valued and expected.
Sources of Funding for Innovative New Ventures
Securing funding for innovative ventures can be challenging but crucial. Several avenues exist: Angel investors, who are typically high-net-worth individuals, provide early-stage funding in exchange for equity. Venture capitalists (VCs) invest in high-growth potential companies, often requiring significant equity in return. Government grants and subsidies are available for innovative projects that align with national priorities. Crowdfunding platforms, such as Kickstarter and Indiegogo, allow entrepreneurs to raise funds directly from the public.
Incubators and accelerators provide mentorship, resources, and often seed funding to startups. Finally, bank loans and lines of credit can supplement other funding sources, particularly for more established ventures.
International Expansion Opportunities
Taking your business global presents a wealth of potential, from accessing larger markets and diversifying revenue streams to enhancing brand prestige and gaining a competitive edge. However, it’s crucial to understand that international expansion is not without its complexities. Careful planning and execution are vital to navigate the unique challenges and fully leverage the opportunities.International expansion presents a compelling blend of significant opportunities and considerable challenges.
The potential rewards – increased revenue, market share, and brand recognition – are substantial. However, businesses must overcome hurdles such as navigating differing regulatory environments, cultural nuances, and logistical complexities. A successful international strategy requires a deep understanding of the target market and a flexible, adaptable approach.
Challenges and Opportunities of International Market Expansion
Expanding into international markets offers access to significantly larger customer bases than domestic markets alone. This translates directly into increased revenue potential and the opportunity to achieve economies of scale. Furthermore, international expansion can diversify revenue streams, reducing reliance on a single market and mitigating risks associated with economic downturns or localized competition. However, significant challenges exist.
These include navigating varying legal and regulatory frameworks, managing logistical complexities across borders, adapting marketing strategies to resonate with diverse cultural preferences, and managing currency fluctuations and exchange rate risks. Companies may also encounter difficulties in finding reliable local partners and managing potential cultural misunderstandings. Successful international expansion requires meticulous planning, substantial investment, and a deep understanding of the target market’s unique characteristics.
Conducting Market Research in a Foreign Country
Effective market research is paramount for successful international expansion. This involves more than simply translating existing market research; it requires a nuanced understanding of the local context. The process begins with identifying the specific target market within the chosen country. This might involve segmenting by demographics, psychographics, or purchasing behavior. Next, primary research should be conducted, utilizing methods like surveys, focus groups, and interviews adapted to the local culture and language.
Secondary research, including government statistics, industry reports, and competitor analyses, provides valuable background information. Crucially, the research must account for cultural differences in consumer preferences, purchasing habits, and communication styles. The information gathered will inform critical decisions regarding product adaptation, marketing strategies, and distribution channels. For example, a company launching a new food product in Japan would need to conduct thorough research on local tastes and preferences, ensuring the product aligns with cultural norms and dietary habits.
Key Cultural Factors to Consider When Entering a New International Market
Cultural understanding is essential for navigating international markets. Three key factors to consider are communication styles, business etiquette, and consumer preferences. Communication styles vary significantly across cultures; some are direct and explicit, while others are indirect and high-context. Understanding these differences is crucial for effective marketing and business negotiations. Business etiquette also differs widely.
For instance, the importance of personal relationships in business dealings varies greatly across countries. Finally, consumer preferences are shaped by cultural values and traditions. Understanding these preferences is vital for product development, marketing, and branding. For example, a company marketing a product in a collectivist culture might emphasize community benefits, while in an individualistic culture, the focus might be on personal gain.
Examples of Successful International Market Expansion Strategies
Several companies have successfully expanded into international markets using various strategies. McDonald’s, for example, adapted its menu to cater to local tastes in different countries, incorporating regional specialties alongside its core offerings. This localization strategy has been instrumental in its global success. IKEA, on the other hand, has focused on a standardized global brand identity while adapting its product offerings and distribution strategies to suit specific market conditions.
This balance of standardization and adaptation has allowed them to maintain brand consistency while remaining relevant to diverse consumer preferences. Finally, companies like Starbucks have successfully utilized a franchise model to rapidly expand into new markets, leveraging the expertise and local knowledge of franchisees. Each of these examples demonstrates the importance of tailoring expansion strategies to the specific characteristics of the target market.
Outcome Summary
Identifying new market opportunities isn’t a one-time event, but a continuous process of research, analysis, and adaptation. By mastering the techniques Artikeld in this guide – from understanding unmet needs to developing a strong go-to-market strategy and considering international expansion – you’ll equip yourself to consistently discover and seize profitable opportunities. Remember, the key is proactive research, a deep understanding of your target audience, and a willingness to adapt to the ever-evolving market landscape.
Now go out there and find your next big thing!
FAQ Guide
What’s the difference between a market niche and a market segment?
A market segment is a larger group of consumers with shared characteristics. A niche is a smaller, more specialized segment with unique needs often underserved by mainstream offerings.
How can I protect my new market idea from competitors?
Secure intellectual property rights (patents, trademarks, copyrights), maintain strict confidentiality, and build strong barriers to entry through proprietary technology or unique business models.
What are some common mistakes businesses make when entering new markets?
Underestimating market research, ignoring competition, neglecting cultural nuances (in international markets), poor marketing, and insufficient funding are all common pitfalls.
How do I know if my market research is reliable?
Use multiple data sources (surveys, interviews, competitor analysis), employ statistically valid sampling methods, and critically evaluate your findings for bias. Consider professional market research firms for complex projects.
What if my market research shows low viability?
Re-evaluate your product/service, target market, or business model. Consider pivoting, iterating, or abandoning the idea if the risks outweigh the potential rewards.