Some of the questions I hear most from clients sound something like this, “What new product should I sell? What niche should I go after? Do you think there’s a market for this?”.
I think they’re asking the wrong kind of question.
These are all product/market related questions – and if you’re asking these questions first, you’re likely to be looking in the wrong place.
In today’s world, a product seldom carries the strength to sustain a business on its own. Your product, your price point, your specials, your information – all of it has become commoditized. Even carving out a unique niche isn’t enough.
If you create a successful category, it gets swarmed by competitors with 100x your budget.
If you get traction based on product price, specials, search engine rankings, JV partners, etc., you will be copied. And if that was the only trick in your hat – you die.
Again a product itself seldom carries the strength to sustain a business. So, what does?
The companies that connect with their customers on the levels of emotion and experience will win.
I REPEAT: The companies that connect with their customers emotionally and experientially will win.
So, whether your [...]