Do your consumers really want what you are providing?

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I’m reading an intriguing marketing book:
Pull: Marketing Secrets the Fortune 100 Use by Keith Chambers.  The publishers invited me to receive a free review copy (the review copies of relevant marketing books have turned out to be one of the fringe benefits from writing this blog).  Although I am only part-way done, Chambers reminds me of an important point when you are marketing new or existing products or services:  Do your consumers really want what you are offering?  (Note these principles apply in both the business-to-business and business-to-consumer space — your services/products may be “consumed” as input costs by another business to achieve its own objectives, but they are still consumed!)

Chambers point is that too many businesses develop their products and services and present them (and their marketing strategies) AFTER they are almost ready for public distribution.  The time to find out whether there is really a market is earlier on, and you need to engage your consumers in the process.  They shouldn’t need to work at this; but you need to find out whether they really want your stuff early on.

Thankfully, I’ve applied these principles (mostly) in recent years and even from the start of my business.  When I came up with the idea of publishing a regional construction newspaper back in 1989, I set out to sell the advertising to the first issue BEFORE I had a live product.  With orders in hand, and by listening to the advertisers’ needs and wishes, I knew I could safely launch the publication.

Some four years ago, with the advent of print-on-demand technology, the representative of a major construction industry data service suggested I could license the data and produce customized reports for different industry segments.  The idea seemed alluring and we proceeded to early prototype testing.  Then, my sixth sense about marketing took over.  “Before I commit any money or investment to this process, let’s see if anyone will buy it,” I told my suppliers who wanted me to sign a commitment.  I contracted with a sales rep I know is capable and asked him to take a two-day assignment to see if we could sell the thing.  Two days later, he said he had no luck.

Now, you could argue the quick test here was far too fast and maybe we could reposition the product or redesign it to match the market’s interests (and I’m sure even Chambers would not suggest on giving up on a major idea in a couple of days).  But I could still read the tea leaves.  With the early reports from my contracted sales rep and the years of experience in reading the market, I knew this project would be an uphill battle.  No way would I sign commitments to spend thousands of dollars to take it further.

Of course, existing products/services can grow stale, too, and there is a danger that we look at things from the blinders of our short-term perspectives about built-in demand and interest.  I’m sure this is especially important in my existing business, which continues to earn most of its revenue from the old-fashioned print media even in an era of social networking and Internet resources.