If you want to make money from a business venture then you need to make sure of one thing first – that there is demand for the project you are going to release. Without the demand, you will find that you struggle to sell your items and to even promote them. While this might sound relatively obvious however, the reality is that many people won’t first check that such an audience exists and that they’re going to be able to shift their creations.
Of course to rectify this problem, market research is your friend and can be highly useful in ensuring you’re on the right lines. Using feedback groups and questionnaires you can easily find out what’s out there and the longer you spend and the more you invest into doing this the quicker you’ll find you are able to sell your products and the more you will make from them.
But market research isn’t the only way to ‘test the waters’ before releasing a product, there are some other tricks you can use that will help to make a product more appealing to almost any audience, and some other methods you can use to get more accurate and more affordable reviews. Here we will look at some of those.
One thing to note when coming up with your product, your design and your packaging, is whether you can lend it an element of status. In short, people often like to own things that can be seen as status symbols or a mark of success – if then you can add this element to your product then you may just find it’s enough to seal the deal.
Another psychological point to consider when thinking of ways to make your product more appealing is that people like familiarity. If your creation somehow feels familiar, or intuitive, then this will make them instantly warm to it more. Of course you need a USP, so there’s no point in just releasing a second version of something that exists – however if you can in some ways make it similar to something people know you can help to ease the transition and at the same time make using your product more intuitive. Familiarity does not always breed contempt…
Association is similar to familiarity, but with notable differences. Here you essentially ‘piggy back’ your way to success using something that is already successful. This way you will gain some of the good reputation of that existing brand, but you will also have an in-built market for your product before you even begin and an easy way to reach them. Mention another website on your page and get a link from that URL, and suddenly when people search for that website they’ll find yours which they may also be interested in.
And if you don’t get it right the first time? Perfect – no one really expects you to. The secret to success when it comes to business is to continually adapt and evolve based on the demands of the changing market. So pay attention to statistics and pay attention to your reviews, then alter and tweak your product on that basis to make sure that eventually it’s exactly what people want.
The article is contributed by Sara Brown, a freelance writer and authors business blogs through which he shares tips and ideas on business. She has been writing for Berkeley Sourcing Group, providers of outsource manufacturing designed for small business.