(Part two of three)
 Some serious consideration…..
 

 

A few things to think about that can separate you from the sink or swim problems.

Do people want what you have to offer them? This is where your “marketing research” is involved.

Many times, a fairly good idea fails to produce a profit, because nobody wants to buy it. Search the internet to see what is selling. There are a few effective techniques that we will talk about later.

In product areas where there is competition, there is money to be made. People are buying the product and several people are selling the product.

Maybe it is a similar product, a different size, color or whatever but….people are spending money.

Here is where you can get stung and stung badly.

You have a great idea for a product; no one else has offered it for sale on the internet. If it is a new product, that solves a problem for your prospective buyer, you may be in great shape. If it is something that has been around for awhile and no one is trying for sales …watch out. The market may have long ago been saturated.

There may be such a small profit margin, that no one will market it to just make a few cents. Or maybe the product is so common that it can be purchased in the local stores for a cheap price.

Do your market research on your product……

A different twist…

Even a product that has been around for awhile can be sold if it is presented from a different perspective.

You could develop a new use for the product. You could provide new colors or unusual sizes. You could re-name, repackage and market the product as “new and improved”. It would be even better if you could actually improve the product.

There are many options.

Above all, avoid the deadly product trap. Do not fall in love with product. Be realistic and think like a businessperson. “How much money do I want to lose?” Before I realize that nobody wants to buy “my” product.

My marketing test…

Here is an example of market research….

Many years ago, I had a small product line. All items were handmade at home. I took them to a craft show and sold them from my booth. I made money. Not a lot of money but I made a profit.

I saw that my “stuff” would sell.

(Important note…..This will not normally work at flea markets. Most people there are looking for bargains.)

I expanded the product line. I added more colors, more sizes and added some additional items. They were all handmade and original.

Within six months I was having thousand dollar days at craft shows. And that was back in the 70s. I did learn that there was a market for my products.

(What was the product? Sorry. I may want to do that again someday.)

Expose your product…

You need to get your product in front of strangers. Especially, if it is a new and unknown product. Your family and friends might not want to tell you your product is not any good. They are nice people and may even like you.

(To be concluded in part three, in a couple of days.)

Hope you are moving forward with your business…

Till next time,

Jim Gillum                                     

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