Updated: Dec 6, 2020
Before you even dive into opening your first store or manufacturing a new set of products and services, ask yourself,
"What products and services do people want?"
This is undeniably a critical question that you must find answers before investing your hard earned money. You must be able to clearly define and project the marketability of your products and services.
You may have prepared and implemented everything else-- goals and objectives, risk management, staffing and scheduling, and many more; but failure to work on your products and services' market appeal will most likely sooner or later lead to a stumbling block.
Why? Simply because a product or service that does not sell is a loss/ failure.
Step #1 Product and Service Desirability
To get started in identifying marketable products and services, you must first ask yourself these general questions:
Will my target customers get excited or delighted about it?
Are my products and services sensible?
Is there a gap within the market that my products and services fill?
Is it timely to launch these products and services?
Does it solve my target customers' problems?
In other words, determine your products and services' desirability. Is it going to be:
If you answer 'YES' to most of these questions, then proceed to Step 2.
Step #2 Product and Service Demand
The second step is to identify the extent of demand for your products and services. Although demand analysis can be challenging and requires rigorous activities, there are some simple steps you can take to determine demand.
One way to do this is to conduct a survey called 'buying intentions' survey. It can be very helpful to give you an insight whether your target customers would likely buy from you.
Buying intentions surveys can be done through phone, email, or in person. It is important to keep the survey questionnaire short and simple.
Include in the survey:
a description of your products and services,
direct questions if they would likely buy,
price they are willing to pay for it, and
how many or how often would they likely buy it.
Another way is to utilize readily available information like within libraries and the humongous World Wide Web. For an instance, observing the latest business trends through various social media platforms can provide your some insights of what the people want right now and what businesses are most likely to stay in the long run. Searching for a specific business' statistics can give you a head start.
Important: Avoid business fads that are short-lived. Search on trends that has long-term demands.
Attending trade shows can also be beneficial to observe people's interests. You must be a keen observer to determine what products or services are just being observed and what are actually being bought.
Be skillful to discern people's attention to certain things-- if it's due to simple curiosity or due to their needs and wants.
Simply put, if a lot of people are buying it, the products or services' marketability is most likely good. But if the people just look then leave, you might want to look for another business opportunity.
Therefore, it is prudent to understand the characteristics of a good business opportunity and what products and services will your target customers will most likely buy.
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