To be successful in business, you need to deliver content to the correct market segment. There’s no two ways about it. What it comes down to, is you doing the testing and market research before you invest all your time and money into a project. Below I’ve shared an example of what not to do.
“Don’t put a door hanger to replace the stucco on the side of a house, if the house doesn’t have stucco siding.”
This sounds funny, but companies spend millions of dollars a year, serving content, to a totally incorrect market segment. Now this is fine for huge enterprise companies, because they have more money to burn, but if you’re in the small to mid-size business segment, every dollar counts, and if you waste too much money, or too much time, without getting a strong return on investement, you most likely won’t be in business too long.
Know your market.
You have to know the market you serve, understand the trends, what they like, what they don’t like, and what they can afford. Just throwing spaghetti up against the wall with your marketing dollars is not a good idea. Get a plan together, test it out with a small segment, see how it goes — if it goes well and you get some traction, keep it going — if it’s a stinker right from the start, dump it, come up with another plan, and rock and roll with that for a while. If the bread and soup come out bad, the meals probably going to come out bad as well, so don’t be afraid to bail on projects that aren’t working out.
Know when to hold, or fold.
There’s nothing wrong with testing something out for a while, realizing that it’s not working, and then dumping it. Believe me, it’s the best thing you can do. Sometimes, to get to success, you need to get through failure, and as an entrepreneur, CEO, or startup founder, you need to use setbacks, as building blocks for future successes.
Remember, to be successful in business, you need to deliver content to the correct market segment. Put the time in upfront, and invest your money into market research before you go and waste a ton of money producing a product, or creating a service, that doesn’t serve an explicit market need.