|Do your customers know their hair’s on fire? (Original image source: Steelhouse.com)|
When considering an idea for a startup, I’ve referenced a question people often use: “are you selling a painkiller or a vitamin?” The notion is people “need” a painkiller before they need a vitamin (“nice to have”).
- Are there enough people with their hair on fire? Read: What is the size of the market? Is it large enough for big returns?
- Do prospects know their hair is on fire? Read: Does the market need to be educated about their problem? How important is the problem? I think of this, too, as “is this a latent need or an active need? If latent, how can you convert to active?”
- Does the market have the desire to put out the fire? Read: Is there enough benefit for customers to make a change and adopt your product/ service? Are you mitigating risk for customers?
What other key questions should there be when considering “hair on fire”? How could you evaluate if a need is latent vs. active? How could you convert to active, if latent?