Remember Entrepreneurs, Receiving Approval From the Market is Everything

When you think about the success stories in business around the globe, they all have one thing in common. Let’s take a look. Tesla has achieved explosive growth in business with the release of its Model S in 2013, and Netflix has become one of the most admired companies in the world after launching streaming services in 2007. What do these stories tell us? They clearly tell us something that is so obvious but many are oblivious to:

“When you receive approval from the market of your goods and services, you prevail exponentially”

You may be on a different track

Now, it is clear that in order for your business to succeed, you need to gain approval from the market. But, before you go seeking for this approval, you need to first understand the following concept.

Developing a nice product and receiving a pat on the back from the market are two completely different things. If you don’t see the difference between these two yet, ask yourself why engineers and salespeople fight all the time.

Great inventions are not necessarily considered great products, or not even good products unless they have market value. Some of the greatest inventions of all time may be nominated for a Nobel prize, but may never even go into production.

An example of such would be the supersonic jets. Although these jets were some of the greatest inventions that decreased the flight time by 50%, the market disapproved of their noisiness, uncomfortable cabins, and excessive ticket costs. Eventually, the airline industry, including Air France and British Airways, stopped providing supersonic passenger flights in 2003.

Getting yourself back on track

Whether you are an entrepreneur of your own startup or an employee of an existing company, I am certain that you not only have pride over your products, but also have the conviction that they are of great market-value. If this is the case, it is now the time to convince the market that they are not the supersonic jets of this year.

So how do you stay on track?

Marketing, often underestimated or overlooked, is actually a process of product development outside of the lab. Before a product is developed, marketing will enable you to accurately identify what the consumers really need and want, and ultimately construct the direction of your product need be advanced in. Even after the finalization of the product, the very same goods and services can be transformed to fit the market demand.

The key is marketing.