It is high time that we stop advertising and start innovating. You will have to differentiate your product to get noticed. Days of heavily advertising the substandard product and selling are over. Not only you have to differentiate but get noticed by.
Now we are back to basics. In ancient times advertising was done by word of mouth. Then came the period of heavy advertising. Now again adverting is done through social media to the early adopters in your narrow niche. Narrower the niche higher the chances of getting noticed and get viral.
Find the group which is most profitable. Find the group which is most likely to viral your product. Figure out how to develop/advertise/reward either group. Ignore the rest. Your ads/product should not cater to the masses. Your ads and products should cater to the customers you would choose if you could choose your customers. It seems counter productive when we say narrower the market higher the success rate.
Do not follow the leader in your industry. The leader is the leader because he did something remarkable and that remarkable thing is now taken-it’s no longer remarkable when you do it.
They do things the way things have always been done. But those techniques may not be relevant now.
Be patient. We should understand that there is a gestation period for baby to come. From idea to stage to product stage takes lots of steps and hard work. Big things start small. Take the example of Amazon. It started as the books selling company through E-com. But now they are selling everything from pantry to Electronics and furniture to books. Jeff Bezoz is the richest man in the world.
Look at the Oaktree. It takes time for an acorn to become Oaktree.
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