How to Build Marketable Products
Milton Tutu, FGILG
Chief Marketing Officer, Selar | Growth Marketer | Product Marketer | Growth Product Manager.
According to research carried out by Pitchbook, in 2023, over 3200 startups failed in the US. The simple truth is that the startup industry is highly glamorized. In one news publication, there’s the announcement of millions in figures raised, and in another, there are even more zeros attached to the amount raised by yet another startup.
While that is good, the reality of achieving success in the market is not as rosy. It’s why after a while some startups pack up. Another statistic that was put out by Ebroker is this: About 90% of startups fail in their first year.
Data about the failure of startups are everywhere on the internet but one crucial question that no one seems to be asking is: Why do these ventures fail??
Is it due to a lack of adequate funding? Are the co-founders falling out? What exactly is the problem??
I’ll tell you for free as someone who has been in the startup space for almost a decade, one major reason why most of these startups fail is because there was no market validation.
The status quo for these startups seems to be to build their product without validating whether or not it is a market need. Most people build products these days because of the hype in certain technologies (AI and web3) but the question they should be asking is simple: Is there a market need for what you are building?
Of course, you can have a polished pitch deck and raise 1 million Dollars from investors but you know who you can't deceive? The Market! No matter what you've built, if the market doesn't want what you are selling, you can't force them to have it. If the product doesn’t solve a real problem or genuine need, the product is useless. I can even go on a stretch and say that if the problem is not one that The market is interested in or ready to have solved, then it’s a waste of time. No matter how innovative or well-built it might be.
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In the debut episode of the Marketing, vibes, and Inshallah Podcast, we looked deeply into this, and how exactly businesses and founders can start building marketable products. At the end of this episode, you will learn;
1. How to build a marketable product
2. Things to know before you start product development
3. How to find your Unique Selling Point
4. and so much more!
This podcast is available on Spotify, Apple Podcast, and YouTube.
Follow the link below to listen to the Podcast on your preferred platform.
>>> https://linktr.ee/themvipodcast <<<
Marketing Geek lady || Business development manager || I aid businesses Increase Revenue and Visibility.
11 个月It is absolutely correct. I worked with a startup in 2023 and despite all the crazy marketing we tried, no one was interested. You can definitely not deceive the market. There are startups too that go into the market purely for monetization, not thinking about the value they have to offer. Thank you Milton Tutu