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Element 10. Ahead of the Market > Where to Find This Answer

Where to Find This Answer

Remember that you are using an intuitive tool that helps you gauge your lead on the market.

Product Demand

  • Can you sense how fast things that will have a material impact upon the consumption of your products are changing?

    • Is there a population bubble on the horizon? For example, are more customers about to want your product because it is targeted to a special need of the Gen Y or baby boomer population?

    • Have there been any advances in underlying technology (e.g., computer chip speeds, metallurgy, fiber optic efficiencies, etc.) that will help you get to market faster?

    • Have there been changes in the law that will now allow greater efficiencies to occur?

  • Are there penalties for the customers who therefore must continue to rely upon the old products?

  • Can you offer your product or service in a geographic market that does not yet have access to it? This is where the market demand has clearly not yet arrived—you will be able to fire your product at that market before the demand hits.

  • In what direction is the broadly defined market for your type of product headed?

    • Is it on a steady rise?

  • Is the market changing altitude or strength?

    • What is the reason for the change?

      • Customer needs and tastes?

      • Increase/decrease in level of customer satisfaction with existing products or services?

      • External reasons, such as the state of the economy?



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