We hear those two terms very often in our daily life but yet we don’t use them fully. Supply and demand is not only this:
From a theoretical perspective it might be this, but a business isn’t only theory. It is actions and practicality. Supply and demand in business means knowing people’s needs.
In simple words:
Supply and demand -> Understanding human behavior.
Whatever your business is, it doesn’t matter if it is a sports store or a book store, if you’re doctor or even if you don’t own a store and you are a blogger or entrepreneur at your craft, you have to ask yourself what your customers or viewers need and want to have. What they need at this very moment and for the next five, ten years? You have to put yourself in their position, see from their perspective and find what they want and what they demand. Then find a way to supply it to them. Period .
“For example let’s say that you have a blog platform or an Instagram account from which you want to sell shoes. The only thing you have to do in a first place is to follow the rules of supply and demand. You have to put yourself in the customer’s point of view and think what would you like to have as a product. Next thing you have to do is to find out what the market – shoe market in this example- needs. What kind of shoes does people prefer at this very moment? Know your audience and adapt the trends and fashion details in their needs.”
Tip: “Always have a main idea of why you do what you do whether it is a product or a service. You have to know why you start a business or a blog or why you make shoes etc. Supply and demand is the tool to help you understand the market. Is the easiest way to find out what you need to do. “
It’s not accidental the fact that the biggest entrepreneurs like Bill Gates, Mark Zuckerberg, Steve Jobs beside from having a strong WHY when they start their new ideas and businesses they also had a great perception about human behavior. They could understand what people-market needed. This is exactly what supply and demand is.