Have You got a Product the market wants?

The other day I was listening to Gihan Perera speak about the importance of the Market, the Product and the Marketing. The challenge for a business is to have all three areas working together to give you the opportunity to have success.

What do I measure?

Gihan developed 5 key questions in each of these areas during his free webinar. If you use the questions he recommended and evaluate your business idea against each of these areas, you have an excellent change of launching and building a successful business.

In the Market area, you will evaluate the following:

Can you clearly identify whose needs you can meet then you have a niche? If there is no niche, you could waste a lot of time looking for potential purchasers.
Can you identify specific problems in your niche?
Can you measure how many people have this problem? Is it a problem that your niche knows is a problem?
Can you calculate how much they would be willing to pay to solve the problem?
Do you already have a relationship with the people in the niche with the problem?

Next you can evaluate your product or service offering using the following criteria:

Can your product or service solve the problem you identified?
Do you have real life experience in solving the problem?
Can you produce and deliver the service or product as required to meet the demand?
Does your product or service deliver high gross margins?
Does solving this problem all you to leverage other products and services you offer?

Then you will look at marketing and what you know about marketing by exploring the following areas:

Do you have a clear strategy for marketing your products or services and have you tried and tested them?
Does the strategy you have reach the target market directly with little additional effort?
Do you have experience with the techniques and tactics to promote your product or service to the desired market?
Are you passionate about talking about your solution to this market?
What is the financial burden if you marketing campaign fails to work?

Have you ever thought about these questions?I know I have some work to do on my ideas.

What are you using right now to find products that the market wants? Please share below.

To your business success