The basic rule for success in business is to find a market for your products or services – right? Well no, it’s actually about satisfying the needs of the market (not the other way around).
It’s an alluring notion that we might create a niche business free from competition; but be warned, no competition is a sign that there is no market, and no market is a sign there will be no demand.
I’ve seen (and been in) too many consultancies that were probably too clever for the market, some might politely say “ahead of their time”. Top notch people with valuable ideas – but no buyers. The build-it-and-they-will-come mantra doesn’t work when everyone else is building something too (I’m really starting question whether there really is such a thing as niche business any more). Consequently, I think consultants are wrongly advised to seek out a special problem and craft a unique service to deal with it, simply because it’s just too easy get caught up in one’s own ideas and forget about what’s going on for the client. Instead, we should first concern ourselves with the demand side of the equation, then worry about what we can supply.
So forget about the elevator pitch and start working on the elevator question. To do anything else is to ignore the basic laws of supply and demand.