this post was submitted on 23 Nov 2023
1 points (100.0% liked)
Entrepreneur
0 readers
1 users here now
Rules
- No Personal Attacks - criticism of ideas is allowed, attacking people is not.
- Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
- No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
- Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.
Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Did you make a good market analysis, competitor analysis and some interviews?
If you did it and you got some good response then the problem is either the communication or the marketing.
The website looks quite bad tbh but is not even the worst I have ever seen, for the marketing what did you do?
There’s no other product that does the same thing, so no direct competitors to study. But I looked at things like the numbers of subscribers (hundreds of thousands) for YouTube channels that make videos for cats - they get millions of views. So the market is there, as far as I can tell. Then I went to cat expos and talked to people. So far for marketing I’ve used FB, IG, and TikTok. But I just stopped running them for the moment, though, because I feel like they’re wasted money until I address whatever the underlying issue is.
So, first of all, the number of views doesn't imply the market size but rather the overall interest. You might not have a direct competitor because you have more features but there are already a bunch of other cat tree shops, do you know their market size? Have you analyzed them? Facebook, IG and ticktock are good, but you need to have a profile of the buyer and then target them.
I'm telling you this because I'm also developing a new product and even tho you might not have a direct competitor you will always have a competitor.
An interesting example is the example of the bookshelf. You might think that the competitors are only the bookshelf manufacturer but also the kindle and the library are competitors.
You should always think on a greater picture.