Innovation

5 Market Insights an Entrepreneur Must Understand to Succeed

On 27th April 2012, Kevin and I officially launched our company and entrepreneurial initiative, AwesomePenang.com, through these last 3 weeks since our launching, we have had a generous amount of time to test as well as learn and understand the market’s mentality and also behaviour through our campaigns and marketing strategies. We still have much to learn, but here’s sharing with all the readers out there the important insights we have learnt so far.

  • The Market doesn’t care about your Product

This is the very first lesson we learnt. The market just doesn’t have the attention span nor time to put any effort into picking up something new or product. With all the competition in information in our internet right now, having to compete with Facebook, Youtube, Twitter and many other big players is not an easy hurdle. No matter how useful or beneficial your product, if you do not market it creatively or aggressively while constantly pivoting to suit the market’s demands and needs, you’ll find the going to be very tough.

  • The Market rides Bandwagons and Trends

This is one of the most crucial lessons that we picked up, we realised that everyone in the market is constantly on the lookout for the next bandwagon or trend to jump on. And when they do, it is very crucial that you pivot your marketing strategies to match the trend. Take for example, The Avengers, the movie that is breaking Hollywood’s records as we speak. No matter where you go, businesses have adapted themselves to ride this trend; producing merchandises, marketing tools and marketing campaigns surround this hype. This is crucial to be able to reach out to the Market.

  • The Market is Emotional

Understanding this lesson was an inspiration to Kevin and I. One crucial aspect of the Market is that it is a sentient entity, having both life and emotions of its own. When you market your product or service, you have to reach out to these emotions, be it anger, sentimentality, excitement, anxiety, pride etc. Interest is a fleeting notion but emotion is a lasting one. With all the info in the market, a customer will always be attracted to the ones that appeal to his or her emotions the most, they must feel some way about something, and then only will they care.

  • A Little Bit of Lame is not a Bad Thing

For a long time now, lameness has been considered something un-cool. From a young age, peer- pressure dictates that we must strive to be cool and stray away from being lame. However, we realised that sometimes being cool all the time is not appealing. Take for example, 9gag.com, it’s a website where people share all kinds of jokes, from the ones that make fun of people to the ones that make fun of ourselves. And all throughout most social networks, you will see people sharing them constantly. The reason for this is because people love sharing funny things about themselves, things that resonate with their lives, no matter how lame it might be. So, sometimes being a little lame can make you go viral faster than what you might expect.

  • Never Fight the Market

This is a universal law for all businesses, it’s something that everyone knows but not easily understood. Even though you might have a beneficial and useful idea, it does not necessarily mean that it will succeed. There are many a time that the Market will find no reason to try your idea, finding more solace in their comfort zone. This is when you have to remember, do not fight them, but instead learn to bend your idea to suit them. As the saying goes “The customer is always right”, always innovate and pivot your idea to suit their demands because once you do, the Market will come to you, all you need to do is persevere and embrace change as it comes.