The Power of Creating Demand

All successful companies on the market meet a real customer need and successfully solve a problem for a segment of consumers. They supply for the demand that’s already there.

However, a much smaller proportion of companies not only meet demand, they create it. These companies are often the ones that stand out from the crowd and achieve long-term success and growth.

They don’t just follow existing trends, but instead, they create new ones by introducing innovative products, services, or business models that capture the imagination of consumers and drive new markets. They make people want and need things they were perfectly happy without.

Henry Ford famously said, “If I had asked people what they wanted, they would have said faster horses.”

Here are some of the most successful stories in modern history:

1. Apple iPhone: When Apple released the first iPhone in 2007, it created a new market for smartphones that had not previously existed. The iPhone provided a unique user experience that was different from any other phone on the market at the time, which created a strong demand among consumers who were looking for a more intuitive and engaging mobile experience.

2. Airbnb: This online platform created a new market for short-term vacation rentals and provided a more affordable and personalised alternative to traditional hotels, which has since become very popular among travellers around the world.

3. Tesla: Tesla’s electric cars created a new market for luxury electric vehicles that are both eco-friendly and high-performing, and has helped to shift the automotive industry towards electric and sustainable technologies.

4. Fitbit: Fitbit’s wearable fitness trackers created a new market for health and fitness monitoring devices that can track everything from steps taken to sleep patterns, and has become a popular tool for fitness enthusiasts and health-conscious individuals.

5. GoPro: GoPro’s compact and durable cameras created a new market for action and adventure photography and videography, and has become a go-to device for capturing extreme sports and outdoor activities.

6. Netflix: Netflix disrupted the traditional video rental market by introducing a subscription-based model for streaming movies and TV shows, which has since become a popular and convenient way for consumers to access content on demand.

7. Peloton: Peloton’s home exercise bikes and digital workout platform created a new market for connected fitness equipment and has become a popular tool for at-home workouts.

8. Amazon Echo: The Echo smart speaker created a new market for voice-controlled smart home devices and has since become a popular tool for home automation and personal assistance.

9. Impossible Foods: Impossible Foods created a new market for plant-based meat alternatives that taste and cook like real meat, and has helped to shift the food industry towards more sustainable and eco-friendly products.

10. Zoom: The COVID-19 pandemic created a sudden and urgent demand for remote video conferencing tools, and Zoom quickly rose to the top of the market by providing a simple and reliable platform for virtual meetings and events.

What groundbreaking innovation do you think will be the next game-changer, and which company will be the one to create the demand for it? 🤔