The Real Problem

I often work with companies that are trying to market a new product or service and they are having difficulties in the marketplace. When we seek the reasons for their business problems, they usually give me long lists of difficulties with advertising, promotion, people, sales, distribution, delivery, and service. However, the core problem is always that their sales are not high enough.

I then ask them three questions. They are questions that you can ask when considering any potential product or service for any market.

The first question is, "Is there a market?" Are there people who can and will buy this product or service in competition with other products and services currently being offered? Many people start businesses without realizing how hard it is to attract a customer away from another supplier if the customer is currently happy with the other vendor.

If the company's answer is, "Yes, there is definitely a market for what we sell. There are people who want it and are willing to buy it from us," my next question is then, "Is the market large enough?" Many a product or service is good, valuable, and worthwhile, but there is not a large enough market to justify investing all the time and energy necessary to bring it to the market. There are better and more profitable uses for the money.

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The Reality Mindset

The Reality Mindset

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