Be the first to like this
Did you know that 9 out of 10 Start-ups fail? What is even more surprising is that 42% of failed Start-ups identified the “lack of market need for their product” as the reason! This statistic got me thinking. Have you ever heard about a new product and thought to yourself “That’s a really cool idea! I should go and get myself one”. Only to not follow through with the actual purchase? Does it mean that you are a fickle customer? Perhaps… Or it could mean that you didn’t really need the product in the first place, even though it was a really great idea!
Unfortunately, a great idea does not mean that your product will be “the next big thing”. In fact, 75% of new products fail within their first year. The difference between failure and success is not determined by how “cool” your idea is. It is measured by how much your target market has GOT TO HAVE your product. Before you start the product development process, make sure that you are building a product that someone is going to love (and will want to buy)!