See A Need, Fill A Need
Yes, I stole the title from the movie “Robots.” But I just credited them, so we’re good. It’s a powerful statement, one that begs a question…
Are people going to pay for your idea or service?
This is the very first question you need to ask yourself as an entrepreneur. And answer it honestly because if you don’t, you’re going to spend a lot of money chasing down market share that you will never be able to capture.
Something needs to set your offering apart from the rest, otherwise it will become noise. And people tune out noise.
When my best friend and I created our first handbag collection, we foolishly thought high quality leathers and hardware in vibrant colors would set us apart. And if that didn’t do it, we always had our little “story” to fall back on. Krina handbags were designed for the “thinking” woman. So we included a penny hidden in the lining of each bag. It was our cute little thing. Guess what? Nobody cared. We loved that design element but it didn’t sell the bags. It was different, but alas, not different enough.
Ever hear of the Butler bag? I wasn’t a fan, because the styles didn’t do much for me. Plus, I’m too much of a handbag snob to carry a non-designer bag. But the utility is what captured the hearts of women everywhere, proof positive that a large chunk of my target market was more concerned with function than fashion. My pennies couldn’t hold up to Jen Groover’s clever way of compartmentalizing life into a structurally-sound handbag.
She identified a need and created the solution. It’s made her a raging success. Her prices were competitive early on and she was able to claim her market share. As time has gone on, the pricing increased but her fan base hasn’t wavered. Kudos, Jen!
Jen Groover addressed a major pain point for women struggling for some degree of organization in their busy lives. And that’s the name of the game.