Far too many entrepreneurs just assume that because they
think their particular product is a good idea, people out there
will buy that product. Once I was approached by a guy who had
a design for a pedal-driven rocking horse contraption, and he
wanted advice for marketing it. Being a bit skeptical about the
prospects for this device in the marketplace, I asked him who he
thought would be interested in buying this toy. His response:
“Who wouldn’t be?” Clearly, as enamored with the device as he
may have been, he hadn’t defined or evaluated his market niche.
The direct approach (going out and trying to get orders)
probably would not have worked for him. He had a design on a
drawing board, not a product for which he could take orders. Perhaps
he could have talked to a few buyers at toy retail stores to get
an idea of the product’s prospects. In any case, he should have determined
there was a market niche looking for a toy like this before
trying to market it.
In many lifestyle ventures, an indication of a niche is established
because people seek out a product or service but can’t
readily find it. Then they talk to others and learn that many of
them, too, have sought out a similar product or service only to
have encountered the same difficulty. At that point, the proverbial
little light bulb goes off, and one person takes the first step
toward entrepreneurship. He didn’t start off by saying, “Now
I’m going to do some up- front research,” but that is exactly what
he did.
The more assurance you have that a niche for your concept
exists, the lower your risk of a frustrating business failure. This
chapter has some suggestions for discovering whether your
niche truly exists. Once again, the most you can hope for is a
good indication that a market niche exists; you won’t find any
guarantees.
Email:
info@walmartcom.net
