Entrepreneurs respond to existing demand, they don’t create it. The market should already be “pulling” for what you’re building; the demand should already exist.
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Demand grows on its own, influenced by a variety of factors, until it reaches a tipping point, at which point companies build things that satisfy that demand.
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What factors shape market demand? - Changes in price or supply for related goods - Government policy, investment, R&D - The ubiquity of related technologies - Evolving societal trends and tastes - Evolution in a product category - Rising (or falling) incomes - Economic cycles
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Supply generally follows demand. This makes sense! Customer demand increases, entrepreneurs respond to that demand by supplying a solution. For example, Airbnb hosts respond to demand; they don't create it. Ref: https://www.forbes.com/sites/hbsworkingknowledge/2018/02/27/the-airbnb-effect-cheaper-rooms-for-travelers-less-revenue-for-hotels/#bea6f2bd672f …pic.twitter.com/pSKurhJs9V
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If Apple “created demand” for the iPhone, why can’t they replicate that success across all their products? Because they can’t define the size and shape of demand! That’s my point. There were pre-existing market conditions in the smartphone market that Apple benefitted from.
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We have limited influence over: - What kinds of things customers want - How bad they want them - Global supply But we have almost zero influence over: - How many customers there are - How much they can spend - What their alternatives are - Socio-political trends
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VC money enables startups to operate outside of normal market conditions: - CAC doesn’t matter as long as user base is growing - They can undercut market prices (and lose money) - Often, they ignore gov regulations It looks like they’re creating demand, but it doesn’t last.
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I wrote a post that expands on these ideas: "Ultimately, your product's potential is determined by the size, momentum, and characteristics of your market." https://justinjackson.ca/surfing pic.twitter.com/GWanzCGEOY
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What does responding the the “pull of the market” look like? http://Tailwindui.com was just announced a few hours ago. There are hundreds of tweets like this:pic.twitter.com/eFaCLNxs50
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My point was slightly different (but it's just a nuance really). I'm saying it's easier to get initial traction if you don't have the additional burden of educating folks on the category. Not all niches have demand but that doesn't mean you can't drive some imo.
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Yup, I realize there's some nuance there. Here's my take: the same things that make category creation difficult are also true for "creating demand." Categories evolve over time, shaped by a variety of factors. The same is true for customer demand.https://twitter.com/mijustin/status/1230579035173867520 …
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