The traditional approach of building a business can be a recipe for disappointment.
December 4, 2023
Starting a business is like embarking on an adventure. With countless possibilities and uncertainties lying ahead. While bringing your unique product to market might seem irresistible, there's a critical step you must take before diving headfirst.
The traditional approach of building a product and then seeking buyers can be a recipe for disappointment. But a simple shift in strategy can lead you to greater success.
You’re convinced that your innovative product will reshape the market. With anticipation and determination, you invest time, resources, and energy into bringing the product to life. Yet, when it comes to selling, a harsh reality dawns – the demand isn't as much as you anticipated. The reality is, creating something remarkable doesn't guarantee that people will flock to buy it. This approach frequently results in disappointment, financial stress, and sleepless nights.
Before you even think about product development, take a step back and shift your focus to your potential buyers. The buyer-centric strategy encourages you to identify your target audience and understand their pain points, desires, and needs. Instead of starting with a product, start with the people who will eventually use it. This paradigm shift can save you from investing time and resources into a product that might miss the mark.
To truly comprehend what your buyers want, you need to engage with them directly. Conduct surveys, interviews, and market research to delve deep into their motivations and challenges. This phase isn't about showcasing your expertise; it's about humbly listening and learning from those who will be the foundation of your business. Embrace their feedback, criticisms, and suggestions – they are invaluable nuggets of insight that can guide your product development journey.
Identify your target audience – who are they and what are their pain points?
Engage in meaningful conversations with potential buyers.
Listen, learn, and adapt your approach based on their feedback.
Craft a product that fulfils your buyers' needs and desires.
With the insights from your potential buyers, you'll now be equipped to create a product that resonates with them. You're not shooting in the dark; you're aiming with precision. You’re hitting the target audience's pain points and desires head-on. This approach not only increases your chances of selling your product but also instills confidence and reduces the anxiety associated with launching into an uncertain market.
One common pitfall when building a product in isolation is the echo chamber effect – where your ideas and assumptions are reinforced by a limited perspective. Engaging with buyers prevents this phenomenon by introducing diverse viewpoints and uncovering blind spots you might have missed on your own.
In the grand journey of entrepreneurship, success stems from understanding your buyers and their needs intimately. The days of creating in isolation and hoping for the best are over. Embrace the buyer-centric approach – a strategy rooted in humility, adaptability, and responsiveness. By forging a deep connection with your potential buyers, you're not just creating a product; you're creating a solution that holds genuine value in their lives. So, before you embark on your next entrepreneurial endeavor, ask yourself: "Am I building with a buyer in mind?"
Incorporate this buyer-centric mindset, and watch your business flourish in ways you never thought possible.
About the Author
Joe has collaborated with founders and leaders of both SMEs and Multinational corporations like USAID, Adrian, Shelter Afrique, Barclays, SHONA, Blu Flamingo, Arielle for Africa etc. Joe is an Alumnus of the University of Nairobi where he pursued a Bachelor of Arts in Design. He’s spent more than 9 years working in Branding, Marketing and Advertising and has cultivated an in-depth understanding of how brands work. He has the ability to co-create impactful brands by developing strategies for brand impact, quality control, consistency and innovation.
