Wednesday, February 21, 2024

The market gets to decide…

by David Specht

I always like to find good deals and interesting products. There is an app I use called, “WISH” that shows thousands — maybe millions — of products, mostly straight from factories in China. Several months ago, I saw “really stupid” product — or at least one I thought was stupid.

This “stupid product” looked like a three-spoked merry-go-round that fit in the palm of the hand. It didn’t do anything interesting, except spin.

Most of you know this was the now-famous fidget spinner. You cannot go into a retail or convenience store without seeing these things for sale. Who knew these would be all the rage among kids around the world?

For every fidget spinner out there, there are tons of quality products that solve real world problems failing every day. Why? Because the market either doesn’t know about them, or simply doesn’t want them.

The fidget spinner lesson should be one for all of us who have products to sell. It is not about what we think is cool. It is not about what we think will sell. It is about what the market wants. And, there is always a certain amount of risk involved.

Apple co-founder Steve Jobs took a risk on the iPhone. Had it been a mere communication device, things would have probably turned out differently. No one really liked typing on a touch screen. Had it not been for the App Store, we may all still be using Blackberries.

As you begin your plans for the 4th quarter of 2017, be sure to review the local market, and trends nationally. At the end of the day, the market’s opinion is the only one that matters.

And, I still think fidget spinners are stupid.

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