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Find a market that is underserved, then find or develop a product to serve that market. Simple as that.
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Mar 31, 2017 18:07
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| # ¿ May 8, 2024 07:33 |
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Do you have money to develop a product? If you can develop a product you can essentially create a new market for yourself, especially if you can undercut existing suppliers in price, ease of purchase, or both. A good example of this are the numerous mattresses now available online only. Tuft and Needle, Casper, Leesa, etc. - I'm not sure who was first, but the premise was simple - an inexpensive, quality mattress with a generous return policy. One basic option, available in the various sizes (full, queen, king). Mattress shopping was worse than car shopping for a lot of people, this completely changed the marketplace and an entire industry was born. The technology wasn't anything completely new, latex mattresses already existed in some form or another, but the marketing and ease of purchase was what drove it.
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Mar 31, 2017 18:51
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Yeah, Montana is being abrasive but he's not wrong. Kickstarter is a decent way to raise capital for a product launch, but it's a better way to generate awareness and create brand advocates. I have a friend of a friend who had a very successful Kickstarter and his biggest takeaway was that the capital was all but unnecessary (he sourced that prior to the Kickstarter), but it was fantastic for marketing because everyone who bought into it linked it to their friends. His product in particular was low priced and is designed as a volume seller, so for him in particular, achieving a critical mass of customers is important. That said, the important part is to have a product that people want. The funding is there if you can find an underserved market, or an unexploited niche. There is a ton of money out there looking for an investment - the hardest part is developing something worth investing in.
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Apr 5, 2017 07:19
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