Why It’s Important to Find Your Market First Mar 17th
B2B service providers in particular are very quick to quote and highlight stats of how many businesses fail within the first 3-5 years, perhaps even quicker to highlight how the failure of those businesses is likely due to the fact that they don’t use the services which are offered by them to better their prospects. While this may or may not be true, what is definitely true is the fact that most new businesses miss one of the basic fundamentals for success in the modern day business environment.
Identifying the market first
Traditionally anyone who had been seeking to go into business would have been encouraged to draw up a business plan and in that business plan their main focus would be on their unique skills possessed or anything unique which they can use to create value with and provide a product or service as a result of its deployment. That may have worked a little while ago, but things have changed rather rapidly. It’s really no longer about being the best at something or anything anymore, as sad a truth as that may be.
It’s now about being the first to market, second, third, or even fourth. It’s about getting into the market and establishing yourself as a product or service provider by advertising or marketing your product to become a household name. For instance, if you are a B2B company, then establishing your product in the market could need you to think about creating a marketing strategy that can help reach potential customers easily. This can be accomplished in a few ways, like creating excellent podcast shows, perhaps with the help of experts available at the likes of Caspian Studios, that will establish more contacts in the industry. Another option is to advertise your product online or on television. Even so, for this to work, you have to identify a market first, identify a gap and then proceed to provide a solution to the problem the market is facing. Simple as that!
Integrated solutions
These days specialised knowledge is pretty much just provided either at primary-production level or at conceptualization level. Seldom do you find a products supplier or services provider actually manufacturing in-house. Rather, integrated solutions are deployed and this is one of the fundamental differences between businesses which survive and go on to thrive and those which bomb out within that notorious first-three-years cycle, only to become just another statistic.
Consultants in particular perhaps popularised this method of doing business and claiming their share of whatever market they identified a gap in, boasting just enough knowledge to be able to source the raw elements required to put a solution together, add their mark-up and then sell those solutions on to the market.
So basically what we’re getting at here, just in case it’s not clear, is that you should forget about trying to first develop a solution which you can deploy to the market. Yes, use your unique skills to produce a solution, but first identify a market you’re actually going to sell to.
I mean online casinos such as Bitstarz for example aren’t particularly pioneering by way of the concept of an online casino, rather coming into an existing market with their unique value proposition in the form of some mega bonuses and promotions amongst so many others. First identify the market you want to service, in so doing gauging the one defining factor for your success, then you can start thinking about finding a solution to fill the gap in that market.
Mar 17th
B2B service providers in particular are very quick to quote and highlight stats of how many businesses fail within the first 3-5 years, perhaps even quicker to highlight how the failure of those businesses is likely due to the fact that they don’t use the services which are offered by them to better their prospects. While this may or may not be true, what is definitely true is the fact that most new businesses miss one of the basic fundamentals for success in the modern day business environment.
Identifying the market first
Traditionally anyone who had been seeking to go into business would have been encouraged to draw up a business plan and in that business plan their main focus would be on their unique skills possessed or anything unique which they can use to create value with and provide a product or service as a result of its deployment. That may have worked a little while ago, but things have changed rather rapidly. It’s really no longer about being the best at something or anything anymore, as sad a truth as that may be.
It’s now about being the first to market, second, third, or even fourth. It’s about getting into the market and establishing yourself as a product or service provider by advertising or marketing your product to become a household name. For instance, if you are a B2B company, then establishing your product in the market could need you to think about creating a marketing strategy that can help reach potential customers easily. This can be accomplished in a few ways, like creating excellent podcast shows, perhaps with the help of experts available at the likes of Caspian Studios, that will establish more contacts in the industry. Another option is to advertise your product online or on television. Even so, for this to work, you have to identify a market first, identify a gap and then proceed to provide a solution to the problem the market is facing. Simple as that!
Integrated solutions
These days specialised knowledge is pretty much just provided either at primary-production level or at conceptualization level. Seldom do you find a products supplier or services provider actually manufacturing in-house. Rather, integrated solutions are deployed and this is one of the fundamental differences between businesses which survive and go on to thrive and those which bomb out within that notorious first-three-years cycle, only to become just another statistic.
Consultants in particular perhaps popularised this method of doing business and claiming their share of whatever market they identified a gap in, boasting just enough knowledge to be able to source the raw elements required to put a solution together, add their mark-up and then sell those solutions on to the market.
So basically what we’re getting at here, just in case it’s not clear, is that you should forget about trying to first develop a solution which you can deploy to the market. Yes, use your unique skills to produce a solution, but first identify a market you’re actually going to sell to.
I mean online casinos such as Bitstarz for example aren’t particularly pioneering by way of the concept of an online casino, rather coming into an existing market with their unique value proposition in the form of some mega bonuses and promotions amongst so many others. First identify the market you want to service, in so doing gauging the one defining factor for your success, then you can start thinking about finding a solution to fill the gap in that market.
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