Surely you have heard of this saying.
If we build it – they will come.
It is often said while talking about launching a new business or product. Of course it sounds like it originated a very long time ago when they may have been talking about building a stadium for a sporting event. Regardless, the overall meaning of this saying, or theory is the same.
The theory suggest – all that is required is to provide or offer something and you will attract people who want it. The classic “Supply and Demand” model of business that we all learnt in school. However it is not always that easy. Especially in today’s super competitive markets.
Often this is the start of a brain flash of a new million dollar idea (well they wish). Someone thinks hey all I need to do is create this thing, people will flock to me to buy it and I’ll be rich!
However as any new business owner soon realises, simply offering a product or service does not magically put food on the table, so to speak. We know this as there are countless of businesses all around the world that have fantastic products and services for sale that can literally change the world, however they don’t have the marketing or exposure they need to be found, and unfortunately they end up going out of business.
So while people may have great ideas and they believe that all they need to do is to create their product or service and people will come, unfortunately this is not always the case.
So when will this theory be true?
On the flip side this theory can and does appear to be true quite often. However what we don’t usually hear about it all the other background work that goes on to achieve such a success story. Well then, lets have a look at some of these initial steps that need to be taken to ensure a flawless success.
- A suitable market is identified
- An problem is found that this market complains about.
- You locate or develop a product or service that solves this issue
- You market this product to this market by getting a message directly to them
- If marketed correctly the market will understand that they need your product in order to solve their problem and then they will come to get it.
Of course we can go into more specifics for each point but you get the picture. By doing the initial market research before launching such a business idea you will have much greater chance of achieving success.
Then you will be able to reap the benefits of having a product or service that many people will track you down for.