The number one reason why startups fail is no market need – according to CBInsights: “Tackling problems that are interesting to solve rather than those that serve a market need” was cited as the No. 1 reason for failure, noted in 42% of cases.
Is it possible to influence, or even create a “market need”? Of course, it is! Sometimes the small things make the whole difference, to your customers. Let’s look at some examples.
Example 1: Make small design changes
Throughout history, men have worn black socks with their suit. Period. Happy Socks started to design socks with bold colors and/or funky patterns and by doing that they also created a new market need. All of a sudden, professionals could show some attitude by wearing colorful socks.
The company was founded in 2008, and revenue 2017 was close to €50 Million.
Example 2: Apply a proven business model to a new segment
Biking is becoming more and more popular as a mean of transportation but buying a decent commuter bike is expensive.
Bikelease.se is introducing the concept of leasing-bikes. Employers have for a long time offered fringe benefit cars; now the employer can also offer employees bikes as a fringe benefit, applying the same leasing-model as they do for the cars. So, instead of buying a bike for 1 000 Euros, the employee can lease it for a monthly cost of 20 Euros. Surely, this will make the demand for bikes increase!
At Rebbel Mountain we believe that you can drive market and create demand with offerings that are innovative. That is, innovative in the eyes of the customer, as shown in the examples above.
What could YOU do to drive market, based on small changes to your current offering?