The Market vs. Self-Perception

The market doesn’t care how you feel about it.

That thing.

You know, that idea that you think is so great.

But, the market can tell you if you’re right at this moment about whether the market cares.

An example from songwriting: You might think you have a hit song. But how do you know? Release it. Does it spread on it’s own? Does it resonate? If it takes off, then it’s a “hit” song. It doesn’t mean it’s any good, but it does mean it’s a hit.

What about that great business idea? Has anyone offered money for that product or service? A great example here is one that Ramit Sethi tells. He and his team spent hundreds of thousands of dollars on a course that teaches people how to find the best healthcare plan for their situation. It was a wonderful course that could save people money and help them navigate the murky waters of finding a good healthcare plan. The problem was that although it sounded like a good course, in final testing they found out that no one cared enough to actually to pay for a course on that topic.

Questions for self-review:

  1. What service/product that I offer is the one that people keep asking for more of?
  2. What is something that I think is a great idea/service/product, but the market doesn’t seem to care.
  3. What is an idea/service/product you have that the market would accept more if you could tell its story better so that it actually understood the value?