Last updated on May 12th, 2021. Posted in Market Research For Online Business.
Here's typically how most people -- especially those new to business -- think product development works: Step one: Dream up a "magical big idea" that's never been done before, Step two...
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Step three: Profit! ...and retire on a beach as a multi-millionaire without a care in the world.
This plan...if you can call it that...has so many problems and missing pieces, it's hard to know where to start!
First off, this strategy for success...this strategy for effective product development presumes that there's a market out there with a hole in the shape of the peg ("magical big idea") that you've dreamed up. Here, you're "pushing" your product idea into a marketplace that very likely won't be receptive.
What's much more effective than "pushing" what you THINK is a rare, valuable, and special idea -- and don't feel bad...this is just one of the learning curves that every new business owner must go through -- what's more effective than "pushing" ideas is magnetically pulling people into your business.
How do you do that? Well, it starts with creating and developing products and services that your market already wants. See, people confuse "entrepreneurship" with "inventor"...where the business owner hides out in their office, hard at work at the drawing board to come up with the next big thing.
In reality, that rarely happens and is very rarely successful. Instead of inventing anything from complete scratch, really entrepreneurship is about problem solving. In other words, can you solve an existing problem more efficiently than any other vendor in your market?
So it isn't a matter of sitting at your drawing board waiting for a Eureka! lightbulb moment. Instead, it's about rolling up your sleeves, getting your hands dirty, and going out and finding out what your audience's real problems and needs are.
Said differently, you can’t summon up a need or desire that your market doesn't have. Creating steady demand is impossible. But what you can do is highlight a problem or challenge they have, and then offer them a more effective solution to solve it.
Most folks who are new to the world of business go backwards. They create an effective solution and then go and find a market that has a problem that their solution can solve. In other words, we develop the idea first, then we try to figure out how to sell it.