Word of Mouth.

#002

Market Trends.

"Don’t skate to where the puck is, skate to where it’s going to be." – Wayne Gretzky

​

Objective: In two minutes or less, you'll gain a new insight or perspective to apply in your life.

​

My perspective: In the few months, I've had a major realisation.

You can build the best product in the world. But if the market isn't ready or have a desire for your product. It's pointless.

​

The market is the sole dictator of whether your product will be a success.

Is there a demand for the value you can create?

If so, you're on to a winner. And you'll be able to win even if your product isn't the market leader.

If not, I'm sorry. But you're going to struggle. Companies have tried tirelessly to create market trends. But the market sees through and will wash you up before you know it.

​

When building a product or service, market analysis is crucial before any investment. If you have an idea you need to test fast to see what momentum can be built.

Some ways you can do this, include:

• Waiting List
• Focus Group
• Concept Testing
• Talk to customers

If you have a list of people who've expressed an interest in your product before its created. You know there is a market there.

And guess what? You now also have your first customers...

​

I think about market trends in two ways:

• Future opportunities
• Constant opportunities

​

Future - This is a special type of skill. We've seen some people understand human psychology and see things before they happen.

For example:

• Reed Hastings - Co-Founder of Netflix.
• Daniel Ek - Founder & CEO of Spotify

Both predicted the monumental digital shift of how we consume media and music. And this hasn't stopped.

In more recent times, Netflix have launched live streaming sport events and Spotify have helped create the Podcast generation.

​

Constant - The best example of a constant market trend is the story of Amazon and Jeff Bezos.

Jeff knew that people would always want low prices, fast delivery and choice.

​

Summary: Market Trends > Product Quality.

When building or launching a new product. Its crucial that market analysis is thoroughly tested. As this will be the make or break of your success.

And learn from one of the GOATs 🐐. Ask yourself:

• What's not going to change in 5/10 years?
• What is going to change in the next 5/10 years?

​

As promised, a new insight and perspective in two minutes or less.

​

Keep spreading the good word 🙌

James

​

P.S. - For this post I've been inspired by two of my favourite people to follow - Codie Sanchez & Daniel Priestley.

If you like this type of stuff and don't know them already, get to know them.