Most often start-up entrepreneurs fail to grow a business because they are offering their brilliance where it is not celebrated, causing slow growth.
They must exit those sympathy markets, and enter ones that reward their product/service accordingly.
Have you heard of the experiment done by Joshua Bell in New York?
“A violinist played on the New York subway for 45 minutes. A handful of people stopped, a few clapped, and the fiddler tipped about $30. Nobody knew, the violinist was Joshua Bell, one of the best musicians in the world. On this subway, Joshua Bell played one of the most complicated pieces ever written, with a $3.5 million violin. And two days earlier he was playing in the subway, and even then not many people appreciated his skills. Joshua Bell had sold out a Boston theater and seats averaged about $100. The experiment proved that the extraordinary does not shine in an ordinary setting and is so often overlooked and undervalued. There are brilliant people everywhere who are not getting the recognition and rewards they deserve. However, as soon as they endow themselves with appreciation and confidence and step out of an environment that doesn’t serve them, they thrive and grow” wrote Dr Joerg Storm.
In today’s fast-paced and competitive business world, it’s easy to overlook the truly talented individuals who are hidden in plain sight. The story of Joshua Bell, a world-renowned violinist, playing on the New York subway serves as a powerful reminder of this phenomenon.
Despite Bell’s exceptional talent and the high value of his instrument, the majority of subway commuters paid him little attention and he was only able to collect a small amount in tips.
This story highlights the importance of recognizing and valuing true talent, even when it may be hidden in an ordinary or unexpected setting. Many entrepreneurs and business leaders may overlook the brilliance of their colleagues, employees, or even themselves, simply because they don’t fit the mold of what they expect a successful individual to look like. However, as Joshua Bell’s story shows, true talent can shine in any setting if given the opportunity.
To truly succeed in business, entrepreneurs must learn to recognize and value the talent of those around them, regardless of whether or not it meets their preconceived notions of success. This means actively seeking out and promoting diversity in the workplace, encouraging employees to share their unique perspectives and ideas, and creating an environment that values and supports the growth of all individuals.
Additionally, entrepreneurs must also learn to recognize and value their own talents, even if they may not be recognized or rewarded in their current setting. Joshua Bell’s decision to play in the subway, even though it may have been seen as a step down from his usual concert venues, demonstrates the importance of having confidence in one’s own abilities and not being afraid to take risks in pursuit of success.
Practical ways in which a business owner of a start-up can move away from markets they are not valued, into markets they are valued include:
Conduct market research: The first step in finding a market where your business is valued is to conduct thorough market research. This includes analyzing the competition, identifying potential customers, and identifying market trends and opportunities. This research will help you understand what markets are most likely to appreciate your product or service and where you are most likely to find success.
Identify your unique selling proposition (USP): Your USP is what sets your business apart from your competitors and it’s an important factor in determining which market will value your business. Identifying your USP can help you to better target your marketing efforts, and to focus on markets where your unique selling proposition is most relevant.
Network and build relationships: Building relationships with key industry leaders, influencers, and potential customers can be an effective way to identify markets where your business is valued. Networking can help you to learn about new markets, new opportunities and new ways of doing business.
Diversify your products or services: Diversifying your products or services can help you to reach new markets and to gain new customers. This can be done by developing new products or services, or by modifying existing products or services to better meet the needs of new markets.
Use social media and online marketing: Social media and online marketing can be an effective way to reach new markets and to gain new customers. Platforms like Facebook, Instagram, and LinkedIn are great tools for building brand awareness and for reaching potential customers.
Attend trade shows and events: Attending trade shows and events can be an effective way to learn about new markets and to identify potential customers. These events provide an opportunity to network and to learn about new trends and opportunities in your industry.
Be open to partnerships and collaborations: Collaborating with other businesses, organizations or individuals can be an effective way to reach new markets. These partnerships can help you to gain new customers and to learn about new opportunities in the market.
Monitor your financials and be flexible to pivot: Keep a close eye on your financials and be prepared to pivot your business strategy if necessary. If you notice that your current market isn’t valuing your product or service, don’t be afraid to make changes in order to find a market where you are valued.
These are some practical ways in which a business owner of a start-up can move away from markets they are not valued, into markets they are valued: conducting market research, identifying unique selling proposition, networking and building relationships, diversifying products and services, using social media and online marketing, attending trade shows and events, being open to partnerships and collaborations and monitoring your financials and being flexible to pivot.
It is important to keep in mind that finding a market where your business is valued may not happen overnight and may require a combination of different strategies.
Have you heard of sympathy markets?
In business, sympathy markets refer to groups or industries that may not directly benefit from a product or service, but are likely to support it due to a shared interest or common goal. These markets may not be the primary target audience for a product or service, but they may be more likely to support it due to a shared interest or belief.
For example, a company that creates Eco-friendly products may find support from customers who are environmentally conscious, but also from customers who care about social and ethical issues and want to support companies that align with their values.
Another example is a start-up that creates a health monitoring device for seniors may find support from the geriatrician community, but also from the health-tech industry, and the health insurance companies, because these groups have a shared interest in improving the health and well-being of seniors.
In general, sympathy markets can be an effective way for businesses to expand their customer base and increase brand awareness. By identifying these markets and tailoring their marketing efforts to appeal to them, businesses can gain support from a wider range of customers and increase their chances of success.
In summary, sympathy markets are groups or industries that may not directly benefit from a product or service, but are likely to support it due to a shared interest or common goal. They can be an effective way for businesses to expand their customer base and increase brand awareness.
Examples of sympathy markets include environmentally conscious customers, social and ethical issues supporters, geriatrician community, health-tech industry and health insurance companies.
There are several dangers of relying too heavily on sympathy markets from a growth perspective:
Limited growth potential: Sympathy markets may be supportive of a product or service, but they may not be the primary target audience. This means that the growth potential of the business may be limited by the size of the sympathy market.
Dependence on external factors: The support of sympathy markets may be reliant on external factors such as current events or social trends. If these factors change, the support from sympathy markets may also change, leading to a decline in business growth.
Lack of profitability: Sympathy markets may not be willing to pay the same prices for a product or service as the primary target audience. This can lead to a lack of profitability for the business.
Difficulty in scaling: Sympathy markets may be limited in size and difficult to scale, making it difficult for the business to grow.
To overcome these dangers, businesses can take the following steps:
Identify and target primary markets: While sympathy markets can be supportive, the primary target audience should be identified and targeted to maximize growth potential.
Diversify revenue streams: By diversifying revenue streams, businesses can reduce their dependence on any one market and increase their chances of success.
Conduct market research: Regular market research can help businesses identify changes in sympathy markets and adapt their strategies accordingly.
Focus on building a loyal customer base: Building a loyal customer base can help a business to grow and expand, even if external factors change.
Continuously innovate: Continuously innovating and creating new products or services can help a business to maintain a competitive edge and attract new customers.
Sympathy markets can be supportive of a business, but relying too heavily on them can limit growth potential, make the business dependent on external factors, lack profitability, and be difficult to scale.
To overcome these dangers, businesses should identify and target primary markets, diversify revenue streams, conduct market research, focus on building a loyal customer base and continuously innovate.
To truly thrive and grow, entrepreneurs must be willing to step out of their comfort zones and take risks, even if they may not be immediately recognized or rewarded. This means being open to new opportunities, taking on challenging projects, and being willing to pivot or change direction if necessary.
Joshua Bell‘s subway performance serves as a powerful reminder of the importance of recognizing and valuing true talent, regardless of where it may be found. Entrepreneurs who are able to do this, both in terms of recognizing the talent of others and in terms of valuing their own abilities, will be well on their way to achieving true success in the business world.
By actively seeking out and promoting diversity in the workplace, encouraging employees to share their unique perspectives and ideas, creating an environment that values and supports the growth of all individuals, having confidence in one’s own abilities, being willing to take risks and pivoting when necessary, entrepreneurs can truly thrive and grow.
Source: Dr Joerg Storm
