[00:03] mistake small online store owners make. Let me tell you why. Once, I gave a workshop at a university about e-commerce, and I asked one of the students what his product was. He showed me a new product: a software device connected to artificial intelligence that helps you
[00:18] execute commands in a way that even if you're not a programmer, you can't understand it. The product was so new and complex that I didn't understand it. I asked him about his budget, and he said between 10,000 and 12,000 riyals. So, what I'm about to tell you is that when we create a new product that doesn't exist in the market before, the first
[00:32] marketing strategy we work on is demand generation, or creating a need. Because no one actually knows what your product is or feels that they need it in the first place, we need time and a marketing budget to convince them that this product actually solves a specific problem and to explain the
[00:49] product's value to the target groups. This involves continuous awareness campaigns, and you might have to continuously modify the product. Based on customer feedback, awareness campaigns, and need creation, you'll reach a stage called Product Market Fit. This means you've actually found the product your audience needs
[01:05] and demonstrated its value to them. Consequently, profits and revenues will follow, God willing. The process is great and offers excellent profits, but it's not suitable for small businesses because it requires a long time and a significant
[01:19] awareness budget before generating profits. The problem is that while you're in the middle of the awareness phase, a large company might take your product idea and continue to develop and exploit the awareness campaign you started. So, as a small business owner, you can either expand, bring in an investor, resources, a budget, and a
[01:34] team to create a new market, or go where others have left off and enter a field you know is successful, others have left off and enter a field you know is successful, has its market, and has already established itself and succeeded, God willing.