Soup’s Not On
In the early 1900’s, the Campbell’s soup product line was first marketed to wealthy people, but they weren’t interested in the convenience of the product. They had servants who prepared their meals. Later, the working-class population was targeted as the consumers who would value the benefits of a quick-cooking meal. Today, some of the company’s earlier products are no longer available in the United States. For instance, Ox Tail Soup.
Lesson: Startups and established companies often make mistakes in predicting which segment of the population will be interested in their products and services.
Finding Your Niche