The best kind of product or service is the product or service you didn't know you needed. For instance: all of human civilization, up until the creation of online streaming, didn't realize how much they could enjoy Netflix marathons. Sometimes, when the right team runs with a risky idea, everyone benefits. Creating a brand spanking new market with a product that will revolutionize society is actually a lot of work, though. What exactly does it take?
1. Purpose & Good Intent
Before you build a new market you've got to create a product that you are passionate about and want others to benefit from. You must create something that has never been done successfully before that will draw a specific and stable audience--something that people will always have a use for once the market has grown. Lastly, you must aim to create something that will disrupt the current market. If your product is too similar to an existing product, you can bet competitors will be quick to snatch up your good ideas and leave you in 2nd place (best case scenario). See Lyft & Uber.
Obviously scarcity plays a role in value. The more unattainable a product is, the higher its perceived value. Use this to your advantage. Exclusivity has been used by Facebook, which initially required an email address specifically hosted through a college, and Pinterest, which initially required an invitation. Knowing the strengths and weaknesses of your minimum viable product and keeping it simple in its beginning stages is key. Don't be so quick to throw all of your ideas out in the first couple of years. Pocket them and use them when it's the right time to adapt and evolve.
3. Flexibility & Innovation
You've got to know when to shake things up. It's possible that you're limiting your own reach. Simple reforms can launch you forward. Knowing how to catch yourself before you fall in an unproven. new market is essential. Listen to your audience's needs and put yourself in their shoes. Follow the steps of your customers' experiences with your business to identify your limitations and restrictions.
Lastly, be prepared to hear the word "no". With innovative vision comes those who won't understand it. Building a new market is not for those who are impatient and easily scared off by rejection. Innovative ideas have the power to change the world as long as a strong leader is behind it. A visionary company must be prepared to start out small and grow up in the long run. Being able to convey your vision and make people desire it is what's most important.
Thinking about starting a business that will eventually create its own market? Ask yourself these questions:
- Has this been done before? If your idea is truly as innovative as you think it shouldn't have been done before. If not, your product may not create its own market and will simply piggy back the mainstream product that is similar to yours
- What are the differences between your product and your competitor? Expand on those differences and limit the similarities so bursting through that mainstream bubble is achievable.
- Who does your market serve? Knowing your audience before you begin selling your product is important because you will know exactly where, when and how to market to them. By having a sphere of influence you can keep the buzz amongst those who will buy from you. Also, tracing the pains of the audience of your competitors can help you skip those hardships.
- Will it be beneficial? Creating a product that will benefit a large number of people and caring about your audience's experience with the customer is essential. With Conscious Media on the rise, now's the time to find your empathy.
- Do you 100% believe in it? Believing in your product and being passionate about what will come of its existence will help you sell it. The only way to sell a product is to buy it yourself.
by Rikki Hurt
To learn more about Velvet Cartel, our clients and our work, visit our website at www.velvetcartel.com.