According to a CB Insights report, 42% of startups fail because there’s no market need for the product or service they offer. This is a distressing statistic for would-be entrepreneurs. An often overlooked or underappreciated first step to starting a new business is determining the market demand for the product or service. As a digital marketing expert, I see many first-time business owners get caught up in an interesting business idea but fail in engaging people through lack of demand. Demand can be created, but it takes time, extensive resources and some luck. Unless you have the capital of Apple or Microsoft, this isn’t a feasible strategy.
