Find products your customers want

What makes some businesses succeed and others fail? Well, according to the CB Insights Survey, the top reason for failure is creating products or services that consumers don’t actually want or need. Tackling problems that are interesting to solve rather than those that serve a market need was cited as the No. 1 reason for failure in 42% of cases amongst the companies surveyed. Product "pricing/cost issues" and "user-unfriendly products" were near the top as well. Businesses fail when they are not solving a market problem and when they don’t understand what consumers need and want. It sounds simple, but if it was easy then everyone would be doing it. Success comes from solving a large enough problem, need or pain point that can be addressed with a scalable solution. As author and business guru, Seth Godin says, “Don’t find customers for your products, find products for your customers.”