Let us assume that you have a fantastic product/service and are all set to roll it out. You have spent days and months promoting your product in the market but not getting the desired outcomes and therefore undergoing losses
“The most common mistake a business make is to solve problems that no one has.”
– Paul Graham
Why is that so? Is it because people are not interested in your product? Or because you are not pitching it right? Or maybe because of both? Is it that people are really in need of that product or its just you who think they might need it?
There is a theory saying that 90% of the start-ups fail in their initial stages itself. Have you wondered why? Well, that is because 90% of the start-ups build a product or a service that nobody wants.
Or they do not have any competitive advantage to attract/retain customers. Hence there is a need to keep a check on your Product – Market fit.
You might be confident enough that your product or service is certain to take all the glamour in the market, but without backing it up or having a foundation of facts and information about your customer’s wants and needs, you will never know if your product will do well or no.
Hence conducting a market survey or taking feedbacks for your product or service becomes a paramount process before launching it into the market.
Catering exactly to your customer’s needs can save you millions of dollars (and peace of mind and sanity too!) rather than simply giving them what you want to give them.
Rightly said by Donna Barson, president and owner of Barson Marketing Inc., “A lot of companies skim over the important background information because they’re so interested in getting their product to market.
But the companies that do the best are the ones that do their homework.”
All said, but the questions persist, how do you determine if there is a market for your product before launching it?
Here are the basic few points to think more critically, that will help you know if the world is ready to buy what you are willing to sell.
Understand your customer’s need
Gone are the days where you could create a need for the customers. We live in this century where customer needs are the deciding factor for creation/invention and innovation of a product or a service.
It is essential for your product to solve for an actual consumer problem.
And there are multiple ways to enlighten yourself with this knowledge. One of the ways could be to meticulously pay attention to customer’s feedback on various social media platforms, like blogs and other channels,
They help a better read on evolving customer needs and be able to fulfil them.
Better yet, you may step out and directly question on the pain point area personally, to be in a better position to understand the niche. Also consider how willing your customers are to buy and how much they are willing to spend.
Do not overlook your Competitors
A little competition is a good thing, but a severe competition is a blessing. It is rightly said, “Don’t knock your competitors because by boosting others you will boost yourself.” There cannot be any market where you will not find any competition.
You might be a pioneer, but there will be someone to certainly follow the trend. However, you cannot be complacent as you never know, the followers might become leaders in a wave of a wand.
Hence competition will help to you increase your learning curve and let you be on your toes throughout for constant innovation.
But you do want your brand to have a unique identity which will help you to stand apart in the market.
Make sure your resources amplify your business
Before launching a product or a service into the market, it is important to determine what resources/talents you possess to take your product into the volatile market.
Finance, workforce with suitable talent, technology, strategies all should be aligned well. You would want to plan your marketing, design, and development together to enable you to optimise your product with each new release. It is also important to build your tools and team for the niche that you are in.
Explore the idea with your family and friends and test on a small scale
Rather than directly launching the product into the market, it is better to first try it out on a small sample. That could be either your family or friends who would in turn give you the correct feedback and help you with any modification if required for the product.
This in general will also help you to get a feel if your product is required in the market or if there is a need for it or people would be willing to spend on it. And who else better than family and friends will be able to assist you on these uncertainties!
All of these may not sound exciting especially against the exhilarating urge that you feel to launch your new product into the market. But remember, going through this research before the launch is of utmost importance. By taking this time out, you can give your endeavour the best chance to succeed.
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