find a solid niche and make something consumers WANT to buy - as opposed to need to buy - great things can happen
I don't understand this comment. The food and pharmaceutical industries seem to be doing just fine, even though food and medicine are things that people need to buy.
Making something people want means you can have higher margins , means you can easily overcome customer loyalty to existing products or services overlapping with your offering and it means that people don't have to need your product to buy it. How many people need an extreme sports camera? How many want it?
The lesson here is that even seemingly established markets still contain a large value for people who get it right.
Comments
find a solid niche and make something consumers WANT to buy - as opposed to need to buy - great things can happen
I don't understand this comment. The food and pharmaceutical industries seem to be doing just fine, even though food and medicine are things that people need to buy.
Making something people want means you can have higher margins , means you can easily overcome customer loyalty to existing products or services overlapping with your offering and it means that people don't have to need your product to buy it. How many people need an extreme sports camera? How many want it?
The lesson here is that even seemingly established markets still contain a large value for people who get it right.
But nobody loves them
People do love their brands, such as Coca Cola, McDonalds, etc.