How does any business succeed?
Most people might say, “develop a product, then market and sell it”.
Unfortunately this is a very backwards way to think, and 80% of small businesses think like this. That’s why it doesn’t surprise me that 90% of small businesses fail within 5 years.
It is important to shift this paradigm of thought. However, it is tougher said than done.
The easiest way to change this way of thinking is to forget about the product completely, and focus on your market. Here are some pointers on how to do this in order:
1. Discover a way to solve your potential customers problem by finding out what they are looking for.
2. Think of solutions and benefits to provide your market.
3. Determine who your market is with demographics, statistics and human tenancies.
4. Then and only then can you even think about developing a product.
5. Develop the product by factoring every element of the data you collect. Develop this product, while trying as best as you can to put yourself in the shoes of your customer.
These may seem like very basic strategies but the importance of understanding this way of thinking can literally make or break your business. Mistakes made in the initial steps of building a business can be exponentiallly costly later on.
Good luck! (even though luck is always created by you)