“Build something 100 people love, not something 1 million people kind of like.”
~ Brian Chesky (CEO, Airbnb)
Market understanding, insight and great creativity are critical for disruptive or truly innovative inventions. But for incremental improvements, market research is critical.
For example, before digital audio/MP3 players were invented, it would have been hard to survey the average consumer and have them voice their need for such a product.
But after this product category was launched, market research became critical. It was market research that told manufacturers to add digital audio players to mobile phones, increase screen sizes, increase the battery life, and add storage capacity among others.
Market research is crucial to starting a business, growing a business and raising business funding.
Today’s Question: In 1985 a Denver hotel published an ad offering guests a “Free Hotel Room” in large type. What was the catch in the fine print below? (the answer will be in tomorrow’s tip)
Previous Question: The Ford Motor Company manufactured 1 million cars for the first time in 1922. In what year did it hit the 2 million mark?
This fact reminded me that in many cases, once a company hits a specific level of success, their success starts to skyrocket.
This concept is similar to the “tipping point,” a concept introduced by Malcolm Gladwell in his bestselling book “The Tipping Point: How Little Things Can Make a Big Difference.”
Tipping points are “the levels at which the momentum for change becomes unstoppable.”
Many times, companies reach the tipping point by continually experimenting until something works really well. And that one thing results in a massive ramp up of business.
So, the lesson is to keep experimenting until you hit your tipping point.
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