You’ve got your new business up and running but no one seems to be buying from you? Are you sure that you are selling stuff that people want? There are ways to ensure that what you are selling is what people actually want.
First of all look at what market you will be selling to – that it who do you expect to buy your products? Try and be as detailed in your market description as possible. For example are you hoping to sell to the reasonably wealthy in the 20 -35 age range? That’s a packed and very competitive area, so look defining that market more – it’s called marketing segmentation.
Look at their interests, income level, class, country of origin, hobbies, family life, education, career, other purchases etc. Obviously a family man with two children, will have different wants, needs and expectations to a single women with a high disposable income.
Now look at the market share that you think that your product will appeal to. Is it a big market with just a few major players? There is a reason why Pepsi and Coca Cola spend millions on advertising – it’s to keep others out. You need to find a market segment where we can have a potential leadership or at least a good chance of selling a profitable number of products.
The last major factor to consider is how interested your potential customers will be in buying from you. Just because you like your frilly knitted pot holders – doesn’t mean that others will. However this is a genuine niche and if you find out where these people are – you have a good chance to dominate this niche. Simply put, if there isn’t much demand for the product, and there isn’t much competition, it would seem that it might not be a good idea to sell your chosen products. However if you do enough research to really find your potential customers and tailor your products to what they are seeking then you have a great chance of success!
If all else fails you can do what Apple did with the Ipod and make your own market! They weren’t the first to market with the MP3 player – I had one several years before. They are however undoubtedly currently the most successful.
© Copyright 2007 Biz Guru Services Ltd
Lee Lister writes as The Biz Guru, for a number of web sites including her www.clikks.com where she sells her informational products. With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. You can sign up for the Biz Guru Ezine at our websites.
If you would like 50 Great Products to start or improve your business or just to resell then visit www.Clikky.com for our OnLine Business PowerPack.
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