Wait! Before you shift into high gear, you must determine whether there really is a market for your product or service. Not only that, you need to ascertain what, if any, fine-tuning is needed. Quite simply, you must conduct market research.
Many business owners neglect this crucial step in product development for the sole reason that they don’t want to hear any negative feedback. They’re convinced their product or service is perfect just the way it is, and they don’t want to risk tampering with it.
A critical first step in making sure you’ve picked a winner is evaluating the market demand, existing competition and viability of the product itself. Get this step wrong and you run the risk of wasting your time and energy, or worse, sinking a bunch of money into inventory you can’t move.
Get it right and you set yourself up for sales and success.
1. Do some research
It may take some time, but doing research about your product, competition, and market can be really valuable. It helps to see the trends in the market and what others have done, so you can use that information to help plot your own success story.
2. Remain positive
Having an attitude that is positive and focused on persevering goes a long way toward determining the success of your product or business. After all, if you don’t believe in it and aren’t passionate about it, why should others be? So get in the right frame of mind and then stay there.
3. Become the customer
Rather than just focusing on selling customers something, become the customer for the day. Once you put yourself in their shoes, look at and evaluate your product to see what it needs, what is missing, etc.
4. Identify your market
It is important that you know your target market to the best of your ability. Sure, things may change. You may have people buying that you never expected and others not buying that you banked on. But if you can narrow down your target market, you will have more success in finding them, reaching them, and selling to them.
Keep in mind that these are only guidelines. They can’t absolutely determine success or failure of your product. You can’t account for every little thing that may happen once you launch your product. But they can help guide you and give you some insight as to what you can expect. There is no doubt that you will learn something about your market and product that can be useful by engaging in each of these steps.
Take the time to learn all you can about your market and what people need before launching your product. This insight can help you in your quest for success. Plus it is cool to say you have a crystal ball method to figuring out what will fly in your business and what won’t!