Dru Riley covers building an audience before launching products on his Trends newsletter this week. There are lots of good examples on the link.
Problem
You need to understand and reach customers.
Solution
Build trust before you build products.
Key Lessons
“Audience-building is a forcing function to find and understand customers. Your audience is your moat. An audience gives you optionality. You can sell products, raise funds, hire employees, get jobs, endorsements, affiliates and more.”
Business Opportunity: Just as in the Nathan Latka link above, having a distribution channel is an incredibly valuable asset. Paid advertising is only going to get more expensive over time. Having your own audience to sell products is a major competitive advantage.
Bonus Link: Here is an older link on audience building that is worth a read if you are interested in this topic.
Problem
You need to understand and reach customers.
Solution
Build trust before you build products.
Key Lessons
“Audience-building is a forcing function to find and understand customers. Your audience is your moat. An audience gives you optionality. You can sell products, raise funds, hire employees, get jobs, endorsements, affiliates and more.”
Business Opportunity: Just as in the Nathan Latka link above, having a distribution channel is an incredibly valuable asset. Paid advertising is only going to get more expensive over time. Having your own audience to sell products is a major competitive advantage.
Bonus Link: Here is an older link on audience building that is worth a read if you are interested in this topic.