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Market Matters Most - What I Learned from Steve Jobs

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A unique product and a stellar team are important, but if you don’t have a big enough market nothing else matters. Product/market fit is a precondition for success — build a great product and the people will come. Sounds like a simple enough formula, right? So, why is it that +85% of startups fail? It is a well documented fact that the number one reason companies fail is lack of market. Most companies build a product and hand it off to the right brain folks down the hall to “market” it. But that’s not how we did it at Apple. At Apple, we believed that a brand is the sum total of interactions a person has with the company and our products, and we designed every single one of those interactions for magic and delight. As a life-long marketers who has built the world’s most beloved brands and launched some of the most iconic products and services of our time, creating a market for a product that has never existed before takes work. Multiply that by 10 in a time-starved world with an 8-second attention span. Market development requires just as much investment as product development. And just like building great products is equal parts art and science, so is building great markets.