If you were starting a restaurant what’s the number one thing you’d want in order to ensure the success of the restaurant?
Great food, great people, a nice menu, a good location? I would argue that the number one thing you want as a new restaurant is a hungry crowd.
If you can find a group of people, actually searching for what you have to offer, the battle is half won.
Often we see people launching products that are great in theory but don’t actually solve any real problem. Do not become a solution looking for a problem. Everything that you build as an entrepreneur must directly solve a problem for your target audience. At the very least if it doesn’t solve a real problem, it needs to make their life better.
Part of staying lean is searching for your hungry crowd without spending too much time or money in the meantime.
Once you’ve identified a gap in the market, and a real problem that you can solve, that’s when the fun starts.
A little over a year ago, Lorraine Murphy, a Member of our Scalable and Saleable Program, identified that big brands such as Woolworths and L’Oréal wanted to reach more mums online. Having been in PR and media for nine years, Lorraine was familiar with the landscape and saw an opportunity for these brands to start engaging with “mummy bloggers”.
Mummy bloggers (becoming increasingly popular) are writers who have combined audiences of hundreds of thousands of mums online, and through their blog speak about how to make life easier for mums. After speaking with some large household brands to ensure this was a real need, Lorraine rallied together a ‘panel’ of Mummy Bloggers and started selling them into large brands as a genuine advertising channel for these brands to reach more mums.
Lorraine identified a genuine problem in that these household brands wanted to reach mums in a more direct and meaningful way, and also discovered that Mummy Bloggers wanted help in partnering with these brands so that they could earn an income doing what they loved.
Lorraine had found her hungry crowd.
Immediately after launching her new company, The Remarkables Group, Lorraine signed brands such as Coles, Woolworths, L’Oréal, Commonwealth Bank, AMEX, ING, Nivea, Schwarzkopf, Johnson & Johnson, Blackberry, EA, Nutella, Moccona and Sunrise. Lorraine hit $1m revenue in her first 12 months of operations and is now looking at the UK and the US for further expansion.
Have you found your hungry crowd? Tell me in the comments how you discovered your target market.