Understanding your market
I had a couple of discussions with entrepreneurs this week that had a similar flavour.
Both entrepreneurs were, rightly, passionate about the merits of their technology. Both had identified a large need for what they offer. And both were surprised at why the market was being so slow in buying from them.
So why does this happen? There can be a variety of reasons: the timing may not be right, the price may be more than the value, a disruptive new entrant may be grabbing the buyers attention and so on.
However, what was going on in both these cases was a technology entrepreneur being very logical about the market from their perspective. The part of the equation that was missing was how does the potential buyer view the world. Both entrepreneurs had not put themselves inside the buyers head and looked at the world from that point of view. Had they done so they would have seen that a lot of their potential market was unlikely to be addressable any time soon.
Market research is often more than just the hard numbers, it is also about understanding the view of what the buyer sees as value and what would motivate them to pursue that value.
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