For a business to be successful our business needs to be able to fill a demand in the marketplace. The problem is too often people get into a business where there is no or not enough demand for their product or service. There may even be a demand for your product but there is too much supply in the marketplace. So, this begs the questions where can we find demand. Well, the problem is the marketplace is fast adapting and demand is always quickly being filled.
A good place to find demand is to listen to the marketplace. The internet is full of customers opinions about what they really want from products. Let’s looks at the T-Mobile Verizon example. Verizon for several years was the number one cell phone provider in the U.S. You wouldn’t think there would be a lot of demand left in the marketplace for another cell phone giant. Well, Verizon got comfortable being on top. Because of this their products and services started slipping. T-Mobile listened to all the complaints of the angry Verizon Customers and realized there was demand for better products and service. They quickly took over a large portion of the market. By listening to customers, we can find what products and services will do well in the marketplace.
If You Can’t Find It. Create It.
Here’s the funny thing about humans. We get very comfortable with how we like to do things. For the longest time, I’m sure people thought why would I want buy toilet paper there are plenty of leaves around. But now we can’t imagine a life without them. Now I’m not saying you have to go out and create a new invention. If you can that’s great but it can be much simpler than that. It can be greater customer service. Better designs. Create a way of life that people won’t be able to live without
Always Follow Then Beat Industry Standard
If you’re going to compete with others in an industry you need to at least meet their standards or others will leave you for them. Beating industry standards will set you apart. See my article on Different, Better, and special. Customers like to be impressed. Good service will go a long way. For me, if I get a good product and good personal service I’ll be a return customer and even pay more to get that product or service again.
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