What will set the product you sell apart from others? That’s the question you should be asking yourself once you’ve come up with your ‘big idea’, and you want to make it a reality. Even the greatest innovation will fail to impress customers if you do not set it up for success.
Without the right ingredients, a cake will flop, and no one will want to eat it. Similarly, if you don’t masterfully combine the successful traits of a product, you’re going to have an uphill battle getting it off the ground.
Meeting a need
Before you start generating an idea for a product, ask yourself what problem you are trying to solve for the customers. When you present a product as a way to help people and make their lives easier, they’re far more likely to want to find out more about it.
Your marketing should make it clear that your product is here to help people. As an extension of that, what you’re selling should offer the customer a practical, user-friendly experience. A product that won’t work in reality or is too complicated for the average person to use isn’t going to get you anywhere.
It works
This sounds like a gross simplification, but if you see how many product developers don’t stick to this maxim, you’ll understand why it’s worth mentioning. Your product needs to deliver on your promises. It should solve the problem you promised it would when you marketed it, and it should work perfectly.
When you’re developing new products, keep in mind the fact that your brand and reputation hinge on selling something functional. While the idea might be great in principle, bringing it into existence may not be that easy. Get help from product developers who can assist you in refining your product until it’s the best it can possibly be.
It appeals to the masses
When you’re developing your idea based on what problem it will solve for customers, make sure you have a viable target market.
The target market is the demographic of people you would characterize as the people who would need your product the most. Are there enough people in this group to justify the time, effort, and expense of developing this product?
To generate sales and start making profits, you need to have a product that has mass appeal. A lot of people need to need your product to make it successful.
It is unique
There’s not a lot left to invent out there, most product developers will tell you, and they’re not wrong. But that doesn’t mean that there’s no room in the market for one more player. It’s not so much about the game, but more about how you play it.
So, how are you going to insert yourself into an already crowded playing field? You must have something about your product that makes it unique among others. It could be something as simple as a different ingredient that is more effective. Find something that distinguishes your product from the competition and use this in your marketing.
The price is right
Don’t assume that you have to offer the lowest price to generate sales. People are more fickle than you’d think, and they’re inclined to pay extra for good service and great quality.
Research the prices offered by your competitors, but don’t allow them to be the focal point of your price calculations. You can charge a higher price if you provide after-sales service, bulk purchase promotions, and loyalty points to repeat customers. Your price will determine your profit, and you should never sell yourself or your product short.