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#13 Why You Need to Research Your Market Opportunity
Manage episode 423292022 series 3571010
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A new client with a funny little idea walked into our office.
He was selling car antenna ornaments.
Yes, silly little decorations you can affix to the antenna that was attached to your car.
He couldn’t keep these things on the shelves. People loved them.
He didn’t see his product’s obsolescence coming as fixed car antennas became a relic of the past.
This product had its (literal) day in the sun, but sales died when fixed antennas died.
This happens in business. Markets increase, decrease, or die altogether.
That’s why it’s important to zoom out and anticipate what’s ahead.
If your market is shrinking, it’s time for some rethinking.
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