Dare to Explore

Resting on a long weekend Monday for me means letting my mind explore.

A business idea has been brewing in my mind for a few months now and so far I have prototyped it, did some initial interviews with vested parties (groups that would use the service) and gotten back some great questions, feedback and support. Of course there are opinions from the consumer end as well, and not all were approving.

Some comments:

  • This isn’t for me
  • This isn’t for the XYZ market
  • I could see value for this for ABC market, but not the mass market
  • How long will this last, the market won’t be hot forever

All these points are well taken, but here’s the positive spin on it.

  • Great – it means it’s not for you but for somebody else.
  • Great – not for XYZ market means it could be for ABC market – a product/service should have its lovers and haters or else you would be sadly, nothing.
  • Great – as long as there is a way to make the service profitable for a niche market, it’s still a win.
  • Sure – but when is it hot forever? I can apply this comment to every single business out there but hey, we’re all still working every day right? Might as well work to earn all that we can so that when the market isn’t hot anymore we can feel safe from all that we have saved, earned from NOW until then.

So – if you have an idea, at least explore it. Talk to parties about it, do your research, and commit to a small investment that would tell you whether the market would respond to your proposed product/service. A small pilot would do, but it still takes time and effort. The point is, don’t stop at the first negative comments that are thrown at you, get the service out there and see what the market says to a tangible product/service.

If they hate it – move on. If they love it – keep at it. You might have hit something big!

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Beware Overpromising

We have all heard it a millions times. Seriously.

One of the rules of marketing is to underpromise and overdeliver, and it is always amazing to me how some salespeople overpromise in order to close the deal or inflate the value of their “network”.

I have an acquaintance who would inflate details and overpromise what they can deliver in order to close deals or give the perception that they are more connected than they are.

For example, an angel investor in their words might become a venture capital investor. $10 million in capital might become $100 million with their framing.

This is setting yourself up for no repeat business, because you will always underdeliver, leaving customers disappointed and wanting to look elsewhere. It is people like these who give marketers and salespeople a bad name of overpromising.

If you are currently utilizing this practice, I urge you to rethink whether this will bring you sustainable wealth and revenue streams in the long-term; my speculation is that it will not.