Is There Market Demand for What You’re Offering?

Before you pour your heart (and savings) into launching a new product or service, there's one crucial question you need to ask yourself: Does anyone actually want this thing? 

I know, I know - it seems obvious. But you'd be surprised how many entrepreneurs skip this step, diving headfirst into their "brilliant idea" without checking if there's a real need for it. Let's talk about how to figure this out before you invest too much time and money. 

Know Your Market (Do Market Research)  

Get out there and talk to real people! Run some surveys, chat with potential customers, or gather a focus group. This will give you a sense of whether actual people in your target market are interested in what you have to offer. Another, and slightly faster way to gauge interest, is to jump on Google Trends or check out social media conversations about similar offers. You might be surprised by what you learn about what people actually want versus what you think they want. 

Keep Your Finger on the Pulse  

What's hot in your industry right now? What's fading out? Dig into reports from places like Statista or industry publications. If you notice your idea aligns with growing trends - awesome! If not, don't panic. Sometimes swimming against the current can work if you've spotted a problem that nobody else is solving well or if elements of your idea align with a growing trend. It’s all a matter of knowing your industry well to help you determine if there will be enough demand for what you’re offering. 

Scope Out the Competition  

Look at who's already doing something similar. If you've got tons of competitors, that's actually good news - it means there's money to be made! But it also means you'll need to bring something special to the table. If there's nobody else doing it... well, either you're a genius who's spotted an untapped goldmine, or there's a good reason nobody's tried it. (Hint: Do more research to figure out which one it is!) 

Ask People to Try and Buy 

If you're creating a product or service, don't build the Rolls-Royce version right away. Start with a basic model that just covers the essentials - what developers call a Minimum Viable Product. Let a small group try it out and tell you what they think. Their feedback is pure gold for figuring out if you're on the right track. There's a big difference between believing people will buy what you’re selling and someone actually telling you they would because they’ve tried it.  

Here's the thing - don't just pick one of these methods and call it a day. Use several of them. Taking time to figure out if there's real demand for your offering isn't just being cautious - it's being smart. It could be the difference between launching something that takes off and something that flops. Trust me, your future self will thank you for doing this groundwork now. 

Need help determining whether there’s demand for what you’re offering? Let’s talk!