January 18, 2023
Let’s define a couple of terms:
Market—a place, virtual or otherwise, where buyers and sellers gather to facilitate the exchange of goods and services.
Demand-an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them.
Given these two definitions, I will assert the following:
There is always demand present in any active market.
Because if there were no demand (i.e., people with a desire to purchase), then buyers would not be present in the market.
And by definition, a market without buyers is not a market at all.
(Picture a farmers market where they only sell decomposing produce and rancid meat. Probably no buyers, therefore no market. Even the sellers will stop showing up eventually.)
Here’s the thing...
Just because there is demand in an active market doesn’t mean that there is demand for what you have decided you want to sell to the buyers who are there.
So, if you have a product or service that is not selling, narrowing your target market isn’t going to magically create demand.
The demand needs to be there first.