Why You Need to Find a Hungry Market Before Developing a Product
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Very seldom are you told to find a hungry market rather than a good product to build a solid business. In most cases we always hear people being led by the product as if it’s the most important part. But what many fail to realize is that the most important part of the process is not the product but instead finding a group that has a problem which will eventually lead to the need for a solution.
Most Find a Product First Before Trying to Find a Hungry Market
You can possess what you believe to be the greatest product in the world, but if noone wants what you have to offer it doesn’t matter how good you think it is. It should not matter what you think about the product, instead what should matter is what your ideal customer thinks. You need to take yourself out of the equation and instead think about the market you are trying to serve.
You should analyze whether or not there is a specific group of people out there who are currently struggling with a specific problem that you will be able to solve. What issues does your specific market have, what keeps them up at night, do they have an urgent need for a solution? Only at this point can you even begin to find a product or better yet produce a product to solve their problem. People who are the most successful and make the most money are those who do the best at solving other people’s problems.
Find a Hungry Market First and Your Product Will Follow
If you truly want to be successful don’t even think about a product until you have found a hungry market first. If you don’t find a hungry market first, the product you develop will be of no good to you and can be a complete waste of time.
A very great example that comes to mind is when I was a watching a special about Bill Gates on MSNBC. They explained that when the Altair 8800 came out which was the new microcomputer back in 1975 by the company Micro Instrumentation and Telemetry Systems there was no software developed for it yet. During this time Bill Gates and his buddy Paul Allen called MITS and told them they were working on software for this computer. Little did MITS know Bill Gates and his partner Paul Allen had never started yet and better yet they didn’t even own an Altair 8800 at this point.
The moral of the story here is that Bill Gates did what most people who become successful do and instead of developing a product and worrying about who to market it to they found a problem and provided the solution. They noticed that this product would not be able to run successfully without the necessary software and worked tirelessly to fix the problem. As well all know they both went on to become some of the wealthiest businessmen ever.
When You Find a Hungry Market the Rest is History
This all came down to the fact that they were able to find a hungry market and give that market exactly what they wanted. The hungry market being everyone who owned an Altair 8800 and their solution being the software that would make this machine work.
So find the hungry market who is willing to spend money to overcome a challenge. Then worry about developing the product after.
P.S. We Found the Hungriest Market and Gave Them the Best Solution find out .