Often when I ask entrepreneurs how big is their market, they don’t know.
Entrepreneurs struggle to assess the size, or nature of their market.
They approach their target market as:
- If this is a problem for me, then it is problem for everyone.
- If this is a solution for me, then it is a solution for everyone.
- If my mother likes my product, then everyone will like my product.
The fact is your mother, or your friends will always give you slightly favourable responses about your product because they don’t want to disappoint you.
However, people out there, strangers who don’t know you don’t care about giving you a favourable or unfavourable response.
Prospective customers care about themselves.
They don’t really owe it to you to give a favourable response to your product/idea.
They don’t owe it to you to buy from you.
So goes the disappointment for entrepreneurs.
Because we assume that if it is great for me, it will be great for everyone.
Well not really.
Do you know your customers?
Have you spoken to them?
Do you know what makes them tick?
Do you understand their hopes and dreams, fears and aspirations?
Do you understand their pain?
A cool product is cool not because you say so, it is cool because customers say it is.
The way to know what your customers think or say about your product/idea is to leave your office and go to them.
Entrepreneurs are not make in the classroom or boardroom, they are made in the art of action, in the streets, in the market where the action is.
Then comes market research, then comes leaving your comfortable air-conditioned offices and going to the streets to talk to your prospects.
Market research links the entrepreneurs to the prospective customer.