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November 03, 2010

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Matt

Bootstrapping a start-up has been nothing but creating product based on real-time reactions.

In a market that is heavily saturated with competition, I feel that staying dynamic and agile with your business model will keep you ahead of the pack.

Matt Warta

Thanks for the great post. For those who figure out the real-time puzzle of their industry, there will be many other new applications they can build which will be enabled by the real-time technology they put in place. This movement will be fascinating as it evolves.

David Meerman Scott

Matt and Matt -- thanks for jumping in. There are so many virgin markets for developing a real-time approach. It is a great time to be an entrepreneur!

Doug Brockway

David -

There are parts of the economy that create products in real time as a matter of course. I'm thinking of market makers who set an ask or bid price and make, or don't make, an instant market.

In the past decade the mortgage industry, and most consumer loans, had this attribute. When everyone was trying to sell LOTS of loans so they could package shady CDOs originators, and their up-stream investors, would loosen guidelines hourly. If they needed more Option ARMs today from Minnesota they'd offer another half point of yield premium to the broker. Now, its the opposite. If the risk of mortgages from Minnesota this month is trending high they'll slap on some more conditions for a few days.

Suffice it to say this is big business and, if you get it wrong it can go bad far faster than other methods because it is, itself, moving quickly.

This is no reason to stop. Its a reason to quickly and with intelligent rigor get experienced and exposed to the ups and downs, the pros and cons. My colleagues and I tend to examine product life cycles that go for at least months, usually years. You're on weeks/days/even hours. Such fun!

David Meerman Scott

Doug - sure, you can get it wrong. However, in my experience, the worse way to get it wrong is to insist on the slow and plodding. When a product takes two years to build, the market frequently moves by the time it is released (just ask the auto companies).

Dave Costello

David:

I enjoyed the tie-in and reading about SurveyMonkey and GutCheck. Both are excellent ideas.

Most academic curriculum related to marketing, management, or PR has comprehensive study on market research.

However, for many companies in the "real world," they don't share the same passion for research--either due to costs, time, or know-how. This neglection often leads to the demise of their new product launch.

Now they should have no excuses.

David Meerman Scott

Dave - that's true. Many marketers just use their own instincts which usually misses the mark with buyers

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