The Market Never Lies, But Are You Listening?
The market never lies.
Did you know that in the 1920's when Edison et al began attempting to record music, there was uproar at "mechanical devices" that were "destroying music"?
It was even frowned upon to listen to music by yourself because the way to enjoy music up until that time was in a hall, with a band, with people you knew. Not solo.
Fast forward to today.
Music is made in isolation of the audience, at home and in the studio.
There is more music on the planet now that at any other time.
Yet why do we keep going back to the classics?
Why are bands of yesteryear touring again? And getting the audiences?
I will tell you.
The music of artists tested in a live environment will always outperform music made in an isolated recording studio environment.
Music that has been performed live gives the artist the opportunity to get immediate feedback on what is working based on crowd reactions. And then refine, refine, refine.
The recording studio doesn't give that option, other than the feedback of the band or the engineer.
The artist in the studio persists through with their train of thought, their inspiration, regardless of whether people will connect to it or not.
And many times, the isolated creations miss the mark.
Or worse, are tagged at "disposable music".
Think of any "live soundtrack" you have ever bought and compare the songs to the studio recordings as ask yourself this:
Which of these do you hold as the true recording and the other a lesser version?
The same can be said in any company if you have a marketing or product team that operate in isolation to the rest of the business.
Customer service or doing market research isn't as glamorous as marketing or sales, but its where you will find your next big product or service - by solving a problem.
Because using customer & market feedback to create products and services, aligns thinking.
Using feedback, you can hone the product to segment or mass appeal.
And that can be as simple as asking your social media groups about what you are thinking of creating and gauging feedback from there.
You can leverage the multitude of market research companies out there, but if you are a medium sized business with a tight budget, sometimes that is not even feasible.
So try this:
- Ask your social media groups and followings "If you could wave a magic wand over our company, what product would you like to see us create for you?"
- You can offer a prize, but its better to get the feedback without the influence of a Bunnings voucher.
- When people respond, prompt and probe a couple of additional questions and be personal about it - don't do "corporate voice"!
Now this is a rough and ready way to go about creating a product, but it gives you the germ of the idea you need to get started on the product inspiration path.
And its real time too. You can influence it by asking questions and putting ideas out there.
Keeping people engaged at the forefront of your development thinking has proven to deliver the greatest results, whether in music or in business.
Listening has never been so easy.
The market never lies.
You just have to give them the microphone.
Then shut up and listen.
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About the Author:
Through direct marketing, I have been delivering qualified leads to sales teams for over 21 years.
I've worked with some of Australia's leading companies such as Origin Energy, Specsavers, Lumo Energy, iPrimus, GMHBA Health Insurance and Pacnet after starting my career at Deloittes then moving to Lend Lease.
Im a proud & present father of four and a half year old twins who are knocking at the office door right now!
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