Why Market Research is the Key to Business Success

Name: Why Market Research is the Key to Business Success
Uploaded: 2024-06-14T13:03:56+00:00
Duration: 32 s
Channel: Jason M. Lemkin
Description: A SaaS founder realized their product had no technical barriers, so failure would come from lack of demand, not bad engineering. They spent early time…

14 Jun 2024 · 1 min

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A SaaS founder realized their product had no technical barriers, so failure would come from lack of demand, not bad engineering. They spent early time validating the market before building, treating market risk as the real threat.

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If we end up going down in crashing burning flames and this doesn't work, it will be not because we couldn't build the application. We weren't inventing new video codecs or driverless cars or anything like that. It was a relatively simple business SaaS app. It was big, but it wasn't particularly hard. And so we said, it's like, okay, well, if this doesn't work, which we need to figure out really soon if it's not going to work, it'll be because there's no market. That will be the primary cause of failure. And we'd rather know that now. So then everything was in the early years were kind of oriented around that thesis, which is we need to mitigate market risk and not product risk.