How Can a Market-Driven Approach Enhance Company Success?
March 3rd, 2015 by Rebecca Todd
A recent article in Innovation Daily spoke to the importance of entrepreneurs adopting a market-driven focus as opposed to being technology-driven. Many inventors come up with ideas for new technology products, but unless they are addressing a real pain in the market, it’s unlikely that these products will maintain long-term traction among customers.
In order to avoid the trap of developing a new technology that isn’t providing a real solution for potential customers, here are some tips to follow.
- Get real customer input. Is your product tempered with actual market and customer feedback? Everyone’s personal perspectives and interests are different, so the key is starting from market problems, and going from there to technology – not vice versa.
- Quantify the pain points. What are the major points of pain experienced by the intended users of your product or service? Users with no pain who say “nice to have” will not likely pay money or endure change for your product.
- Keep it simple and easy to use. Are the user problems being solved in the simplest possible way, with the fewest possible features? Or have many features been thrown in, just because the technology can deliver them?
An important point to take away from this discussion is that technology and market-driven don’t need to be mutually exclusive. Strong and lasting companies have often found a way to drive the market with a solution based on their technology.