Read the latest news and stories.
When working with early stage entrepreneurs who are at concept researching stage, I always encourage them to “follow the money”.
I get it. You have spent months and maybe years thinking up your product idea. You have saved money or gotten a loan or capital investment. You have given up the day job. Its exciting and its risky, and you really really want this to work. Maybe you need it to work.
But what if your market research results took you in a different direction to your own idea ?
What if the market told you they like a little bit of your idea but prefer feature C to feature A ? What if they didn’t like your idea at all, but out of the market research, another idea emerges ?
What would you do ? Could you let go of your idea and follow evidence of market demand ?
I call this “following the money”. You love idea A, but the market loves market A+ or market D. FOLLOW THE MONEY!!!
Marketing is called “marketing” not “producting”. There is a very good reason why. Marketing is all about the market. It’s not all about the product.
When I train entrepreneurs on marketing, I walk into the room, knowing that most of the tech guys would prefer a finance or business planning workshop, not this ol’ marketing waffle. And I know that they have spend a very longtime persuading families, co-founders, new colleagues, incubator programmes, investors and maybe even customers if they have gotten that far, that their product is the bees knees.
The first thing I am going to tell them is that I don’t care about their product, I only care about their market. In fact, “I want you to mentally park your product outside the door for today and we are not going to talk about it at all”.
We are going to talk about the market. So listen to the market and do what the market tells you to do.
You are welcome.