What does no market need mean?
No market need means the solution doesn't solve any needs of the market.
More often than not, startups are more interested in solving the problem rather than solving the problem that of interest to the needs of the consumer.
In Marketing Matters Now More Than Ever by Denise Lee Yohn, she mentioned, "Marketing, therefore, needs to be less about what happens after an innovation is ready to launch, and more about getting it to be ready in the first place -- by creating a new market or expanding an existing one; developing or understanding how it will fit into customers’ needs, wants, values, and lives; and building a customer experience that turns the offering into a complete customer solution".
To identify the solution you need to solve, according to Scott Maxwell (founder & partner of OpenView), "As Aulet suggests, the best way to get info about the market is to practice a vigorous form of market research".
Ideally, it is essential to always look for a relevant market need (pain point) first, before creating new ideas for a solution.
Definition of market need
Market need is defined as "a marketing concept that refers to the functional and emotional needs or desire of the target market".
According to the Business Dictionary, in a marketing context, a need is "a driver of human action which marketers try to identify, emphasize, and satisfy, and around which promotional efforts are organized".
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Last edited on 18 April 2020.