Choose the right market
1. Building a remarkable product is part of the equation, but... not all markets are created equal.
2. Some types of customers are less fussy, easier to reach, have more money to spend, and make spending decisions faster ... than others.
3. This is why startups should always find a good group of potential customers *before* researching product ideas.
Yes to all but this point. Some of the best companies are built solely on a vision for the world that doesn't exist yet.
I think it still starts by observing people's current behavior, and finding the gaps.pic.twitter.com/XEdoMFHcmo
4. There's nothing worse than building an amazing product for a customer that can't afford it, doesn't appreciate it, or is hard to reach.
Thoughts on what people can do when they didn't do this and find their product is undervalued?
.@excid3 affecting the traits, values, and momentum of a market is really hard.
Sometimes, you can go upmarket:https://justinjackson.ca/this-tree-guy-has-good-business-advice/ …
5. Market size is also important. Ask: "How big is the group of people that might buy our product?" ie. Wearables < Laptops < Smartphonespic.twitter.com/6qxeWDVzOq
6. Another example: my friend @adamwathan creates courses for PHP devs.
His potential market size is > someone who focuses on Python devs.pic.twitter.com/kLdCXl4aSi
ooh. I like this.