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Las Vegas Show Tickets Psst...Is that an Edsel You're Selling?
What's your first decision when you write your business plan? Identify your niche? List your benefits? Actually, before investing in techniques and tactics, ask the Big Edsel Question: Is there a market for my product? The Edsel was Ford's major flop of the 1950's, a huge elephant of a car at a time when customers were turning to smaller, sleeker models. And a PBS documentary captured the demise of a once-powerful chain of fitness salons in the Northeast US. This chain originally targeted "housewives" (their word!) who wanted to lose a few pounds. As women moved into weight lifting, aerobics, and fitness, they sought new benefits. No amount of advertising or creative pricing could attract customers. How do you decide if there is no market? Ideally, a lightning bolt appears at your window, illuminating a message: "No customers there!" More typically, your first Edsel symptom is a realization that you've expended huge amounts of time and money and have little to show as payback. You may be years ahead of your market. Eight years ago, people in my town washed their own dogs and asked neighbors to look after the cats while they went out of town. Today, two grooming services "aren't taking new dogs" and you have to book a pet-sitter weeks in advance. Or you may combine luck with competence. One of our most successful real estate agents arrived in town four years ago with no experience. Two years later, he had a wall of awards and more customers than he could handle. But when facing today's reality, I recommend asking these three questions. (1) Do you know others who have succeeded in reaching this market with a similar product? If everyone else has failed or given up, you need a compelling reason for venturing ahead. (2) Are your target customers bombarded with choices, so you're forced to compete on price? Do most of them benefit from existing alliances and turn to old referral sources? (3) Do your target customers believe they shouldn't have to pay for this product? Do they believe they can do-it-themselves or feel there's no value? Admitting you have no market can be frustrating but also liberating. Instead of pounding virtual pavements and tossing money at tactics, you can start over with a promise to listen to the market this time. Markets are fickle and you may be able to return to your original dream, with an action plan that seems enjoyable and effortless. Cathy Goodwin, Ph.D. helps midcareer professionals strategize their next move, one decision at a time. Weekly "Your Next Move Ezine" mailto: signup@cathygoodwin.com Website: http://www.cathygoodwin.com Phone: 505-534-4294
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