When you understand the market, the products will sell themselves. What comes first, the market or the product?<\/p>\n\n\n\n
This is not a new concept, it is really a chicken or egg question. As you know, by learning about the market first, you can completely change your business perspective, you can run your business for a long time or you can be defeated by the recession.
Too many business owners think about their business plans before they figure out what their customers want. In these times of economic downturn, we can see the difference between missing an opportunity and creating one.
How many requests for marketing direction come from business owners who have spent countless hours working on a perfect product or service without knowing the answers to three key questions:<\/p>\n\n\n\n
Identify your ideal customer Product pricing<\/strong><\/p>\n\n\n\n Let\u2019s say you\u2019ve spent the last year developing a product that satisfies a huge need with a well-established target market. You\u2019re ready to launch your new product, but it\u2019s priced higher than all the other products in its class. Admit that your product has some advantages over the other products in its class and that your future customers know they need this new, advanced product. What should you do?<\/p>\n\n\n\n A few years ago, you would have launched a bigger advertising campaign behind this cutting-edge product and captured the business opportunity from large customers willing to pay a significant price for these superior features. Finally, never enter a market unless you know you can produce and sell your own products and services that your potential customers are willing to pay for.<\/p>\n\n\n\n Reputation<\/strong><\/p>\n\n\n\n
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Imagine starting from scratch. Forget about any preconceived notions about the product or service you are supposed to offer. In this economy, customers are always calling the shots.
So ask yourself: What do customers really need from your product? It could be anything from improved machinery to extended customer service. An ideal customer knows what she really needs, or at least knows it when she sees it, so tailor your product or service accordingly.<\/p>\n\n\n\n
But today, your smartest move may be to figure out how to introduce your superior product at a price comparable to your older products. Then, as the market accepts your new product, you can gradually raise the price, although it may not be three times higher than your competitors.<\/p>\n\n\n\n