The market knows best except when it doesn’t.
It’s a nice safe strategy to be market-led. Deliver your customers what will solve their problems and make their experience better. But what if the market doesn’t know what is good for it. What if the market makes beige and never experiments with Radiant Orchid (Pantone colour of the year 2014)?
What if the market thinks natural = sustainable and never tries to get better, smarter and more efficient?
Yesterday I was lucky enough to see the very 1st synthetic dye ever produced, kept behind glass at Leeds University. When William Perkins invented this he wasn’t following market signals, he wasn’t even trying to invent synthetic dyes. He was trying to create a cure for malaria! But it turned out the market was tired of beige natural dyed potato coloured clothing. A textile and chemistry revolution took off and the rest is history.
Funny enough the 1st synthetic dye was actually mauve or as Pantone call it Radiant Orchid.
We must listen to the market and be guided by its trends and the opportunities it demands. We have to look far ahead of what the current market can tell us and build new innovations that will create new product categories and new industries.
Good market research and understanding your customer’s future needs gives you the intuition to innovate. Permission is not required just get on with it.