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.
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
The action of getting connected is an activity that must be taken on like any other role.
It is easy to go to a networking event but to actually connect means not just taking a business card, or becoming liked or friending someone.
When you connect, you know something about the other person. You take time to find out a little bit more about who they are and what they are looking for. You are not selling your product of service but you are finding if there is a need for your product or service.
To be connected means having a conversation. It means knowing something about the other person. One challenge many business owners have is that they network only with their peers. If you network with your peers, it supports you but it is unlikely to build your business.
And getting connected means finding people who need or want what you offer. As a new business owner that also means being out there and listening to what they are saying about your product or service.
It is challenging to listen but it is essential for future success. And that listening will help you adapt your promotion material, your product and service and also find new opportunities.
So connect. Find out about people. Listen and ask questions.
People think you are interesting when they talk about themselves, not when you talk about you.
People believe you when you keep your word.
People trust you when they feel that you care about them and listen to them.
And people buy from people that they trust. They recommend people that they trust. And they come back and do more business.
Have fun connecting. LISTEN to others.
Simplifier, Presenter, Mentor