Most start-ups, in the consumer electronics industry or elsewhere, begin with a product idea. But according to Bob Caspe, CEO of the International Entrepreneurship Center, that’s also why most start-ups fail. In a new article, Caspe argues that sales and marketing, which has to begin with truly understanding your target audience, is often left to be the last thing on the minds of entrepreneurs, though it should be at the heart of any successful start-up.
The Easy Mistake
Caspe notes that it’s easy to fall into the process that dooms most start-ups. It simply seems natural to come up with a great idea, develop it until the end, and hope that it sticks. But this process is at its core flawed, and too often, no amount of work or energy can fix a business built on the product first. Instead, customers have to be at the center of all business operations.
The Difficult Fix
That’s not to say that businesses should not start with an idea. The initial “spark” is still absolutely crucial. But Caspe’s advice for small businesses is to not rush ahead with that idea before doing research. The idea may work great in the marketplace, or it may not. Once you as an entrepreneur in the electronics industry have an idea for a new product, the next step should be thorough market research. Run the idea or even a rough prototype past your current customers, evaluating whether it would be successful, and making changes as necessary.
If you leave your market and customer research until the end of the process, chances are the idea is so developed that few changes can be made even if the results of your research are less than favorable. But if you conduct your market research early on, you can make sure that you’re developing a product or service that will actually catch on.
Research Is Everything
Caspe even goes one step further, arguing that you can come up with an idea simply through doing research. Even if you’ve already established a business in the consumer electronics or phone repair industry, you may want to expand your offerings. Simply talking to your current customers about what other services that would appreciate could spark an idea with a great chance of success.
If you’re looking for more advice on how to operate your small device repair business, don’t hesitate to contact us! We’ll be happy to help you thrive in the competitive consumer electronics marketplace.