At the end of the day, many people have great ideas. But oftentimes their businesses flounder in the marketplace because there isn’t necessarily an audience or interest for their product or service. Before plunging into the deep end as an entrepreneur, it is vital that you do your due diligence before making any type of commitment into the field. Whether it is testing your product or analyzing research, you need to know how the market will react to your idea. Ultimately, this can be the biggest difference between success and failure.
Below, you will find an assortment of questions that you should understand, answer, and revisit time and time again. These are the questions that will determine if your product or service is a wanted or needed by the public. This will in turn, give you an understanding of the market and what you could possibly do to change it in your favor.
Is the market saturated? If so, who is your competition?
When asking this question, you need to be realistic in the sense that some ideas are not that original. Think about it. There are thousands of headphone, cars, and computer companies out there. If you are trying to build a brand within those competitive fields, you need to find a way that both differentiates your product from the competition and attracts your the public to your services. If you find that the market is too saturated with the same idea, maybe this is a sign for you to go back to the drawing board and revamp your idea.
What does the market want when it comes to your product?
One of the hardest things about selling a new and unique product to the market is the educational learning curve they will need to learn when buying your product. That being said, you want to ask what does the market want. If they are looking for a pair of headphones to listen to music, but yours offers additional features, ask yourself if that is what the average person will buy. Go as far and ask if they are willing to give up your convenience just to have the standard. By asking these hard-hitting questions, you will be able to analyze if your product can compete.
Can you reach your target audience? If so, how will you be able to do this?
This all comes down to the brand of your company and the services that are marketable to the public. Many startups have struggled with this concept because they were unsure how to reach their product or service out to the public. At times, it can be simply done just through word of mouth or online and re-sharing post. Other times, it requires more strategy, especially when you want to expand and grow.
What problem does my product or service solve?
Great products are those that simply solve problems. Even if it is something to do with convenience, you as a business leader want to be well aware of what your product can offer to the market. This is usually the standout portion of your product that differentiates it from others within the same niche. If you find that it does NOT solve or do things differently than your competitors, go back to the drawing board. If however it does, test it out and see how people like it.
Why will people buy this product or service?
This goes back to the problem-solution section of this article. People need a reason to buy a specific products or services. Make sure your product and service gives them that reason. Differentiate yourself from your competitors and prove to your market why every person in America should buy from your company. If you find this is difficult, once again, go back to the drawing board!