Sunday, 25 August 2013
Giant went down because they didn't understood their markets need. Seth gave a very good example of this in his post.
Do you know your market? Really?
What makes people ticks and buy? Will they buy from you or someone else? If you can't answer those questions, then you don't know your market.
You can have the best product in a field, but if the customer think that it's not needed they'll go for something cheaper.
There's also the need for something to be useful. Let's look at the pocket knife with the most tools on it.
There's a lot of examples you can find all around you. Product that has find their way onto the market and aren't selling as the creator would have expected.
Before you start selling something, do your best to understand your market. Find something that is needed and fill that need.