The Intersection of Market Research and Automation: Building for Success

The Intersection of Market Research and Automation: Building for Success

In the fast-paced world of entrepreneurship, one question that constantly lingers in the minds of every business owner is, "If I build it, will they come?" The success of a new product or service hinges on its ability to tap into a large market with pre-existing demand. This is why going after markets where users are already familiar with your product category and building a product that excels in some competitive dimension can make things easier.

One need not look further than some of the Valley's best companies, such as Google, Facebook, and Apple's mobile products, to see the power of entering a market late in the game with a differentiated product. These companies effectively competed against established players by offering something better along some key dimensions. The traction they gained from their innovative offerings allowed them to later introduce a range of exciting and groundbreaking features. As the saying goes, it's easier to reinvent something than to invent it.

But how do you know if your product category has mainstream understanding and demand? This is where market research becomes crucial, and one of the key tools that can aid in this process is the Google Keyword Tool (GKT). The GKT offers valuable insights that can help validate the mainstream appeal of a product category, ensure customer-centric wording in product descriptions, and identify potential positioning options.

By plugging in keywords related to your business and analyzing the search volume, you can gauge the level of interest and demand within a specific market. If the numbers are low, it could indicate a gap in understanding or lack of interest among mainstream users. In such cases, it may be necessary to steer your product towards a category with millions of pre-existing consumer searches, as this demonstrates widespread understanding and demand.

Another essential use of the GKT is finding the right words to describe your product. By inputting your high-concept pitch and receiving millions of searches in return, you can be confident that your product has resonance with potential customers. It's crucial to remember that customers may not always know what they want until they see it. As Henry Ford famously said, "If I had asked my customers what they wanted, they simply would have said a faster horse." Sometimes, you need to build a car, not a faster horse, but start by describing it as a faster/better horse until people understand the concept. From there, you can build upon that terminology and educate consumers about the true value of your offering.

What's even more fascinating is when you discover millions of users searching for something that doesn't exist yet. This presents a remarkable opportunity if you can execute a truly compelling product in that space. Having a clear vision for your product and executing against that vision is crucial. Remember to invent and build cars, but market them as horseless carriages so that people understand what they're buying and why.