Myth #2: If We Build It, They Will Come
Very often this thinking occurs when a company has an exciting new method or technology that it wishes to productize. Yes, there are markets for brand new products and even for entirely new product categories. But it requires more than just a hot new product to gain market success. Consider the audience for the product: what they need, what they’re using today, what your product can do for them that solves their problems in a more effective way than whatever method they’re using now. Then consider how to change their behavior: How simple is it for your audience to try your offering? What will entice them to try it? What will prevent them from testing it? And how easy will it be for your competitors to offer a similar solution?
The bottom line is sometimes the technology we’re able to build isn’t what the customer wants to buy. Or what the sales channel wants (or is able) to sell. Instead of building a product that is left searching for a market, take the time to understand your target customer and what they will be willing to buy. It’s much more likely to be a winning scenario.