The first reaction to the above statement is usually negative. Most first-time entrepreneurs argue with this statement, and it is the reason they make and repeat a lot of mistakes. They think they need to get the product perfect before launching. They want to tweak and fix every bug before the product ever gets launched.
They believe that in the competitive marketplace, it is the best product that wins the race. They think that if they build the best product, the market will come to them. “Customers know quality,” they say. If I bring the best, they will choose my product among others.
Research tells us that 21.5 percent of startups fail in the first year, 30 percent in the second year, 50 percent in the fifth year, and 70 percent in their 10th year. Keep in mind that some of these startups have awesome solutions that solved a market need. Some had all the funding, as the founders had invested their time, energy, and life savings, expecting their perfect product to become a hit in the market. They expected that just like Google and other search engines, people would look for them to solve their needs every day.
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Sorry to burst that bubble or maybe I should call it a myth. It is not the best product that wins. It is the best-known product that wins.
This might not sound real to you, but I want you to take a second look at the assertion. Contrary to what you think about the customer picking the best product available, the customer can only choose the best product he or she knows. Think of it this way. Your customers are like people in a dark room looking for a solution to their problem.
What product do you think will first come to their attention? It is the product that enters the spotlight first. They would go for that product over and over again, and it doesn’t matter if you have a better product. They have no idea what other solutions are there in the darkroom, so they would not even know if the product they have settled for is the worst of the pack.
If you have a good product, one that you have invested so much time, energy, and resources building, I have one piece of advice for you. Get into the spotlight. The customers have to see you first so that they can compare you with other products that they know, and decide on the best. You should be ready to invest as much time and resources in spreading the word about your product. You have to become visible and stay that way.
Formerly, we would think of this as simply advertising. But now, there are other ways to get your brand and product into the spotlight. And in fact, there can’t be such a thing as too much spotlight. Keep putting your product and solution out there until the brand no longer needs an introduction. You want customers to see your logo and say this is ABC brand, even if the name is not written anywhere on it.
Ask yourself this question. If you took a random poll or market survey to find out how much your product has been exposed, what percentage of the market would admit to knowing your product?
Have you noticed that even Google runs ads? One would think that the brand is popular enough as it is, but no. They continue to launch new upgrades, and features and they follow it up with ads. Think of the most popular brands in your location (whether online or offline) and find out if they are still investing in staying in the spotlight. You will find that they are. Some are sponsoring reality TV shows, dance competitions, essay competitions, and the like. Some are partnering with one NGO or the other, driving a social cause. Some are hosting free educational webinars every now and then.
It takes different forms but the whole idea is to remain where your customers and clients can notice you.
As an entrepreneur and startup founder, most of your time needs to be invested in spreading the word about your idea.