Bringing your product to market starts with understanding your ideal customer and, eventually, finding the right product. But in between those two steps is the vital step of connecting your expertise, the type of product you want to sell and customer needs. So how do you go about finding the right product for your ideal customer?
What Challenges Your Ideal Customers?
A product is always the solution to a problem. Start by gathering and using market research to determine your ideal customer’s greatest pain points, and identify their challenges. Finding the right product can mean solving a problem your ideal customer doesn’t even know they have yet. Remember, it wasn’t until 1903 that people were convinced antiperspirant was a necessary product—and today that industry is worth 18 billion dollars!
Where Does My Knowledge and Their Need Intersect?
When you’re reviewing the opportunities for selling to your ideal customer, consider your expertise. Don’t choose a product just because you think it will be lucrative or generate buzz. Make your decision based on what you want to do, what you will be happy selling and what will most help your ideal customer. Your personal experiences, enthusiasm and knowledge will be invaluable as you grow your company!
What Price Point Will Your Ideal Customer Accept?
You’re probably not thinking about price at this point, and that’s understandable. Pricing can be one of the hardest steps in the selling process. But when you consider pricing while still deciding on a product, you remove much of the difficulty you would experience later. You have the opportunity to choose a product that fits your ideal customer’s budget. Consider which will be better received: a high production value, high-priced item or a low-cost solution to a common problem. No matter what you choose, the price point must be appropriate to your ideal customer. Too expensive and your customer might look elsewhere, too cheap and your product may be perceived as “low quality.”
What Type of Product do I Want to Sell?
There is almost no limit to the ways you can get your product into the hands of your customers. Go back to your market research on your ideal customer to determine the format they will most likely purchase and use. Access, user friendliness and effective product information should all be considered when deciding type of product. From webinars to DVDs to in-person seminars, the choice is up to you and your ideal customer!
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