Before you start making a product for sale in the market, you have to ask yourself this simple question. Does my new product solve a problem in the market? Answering this question properly is a major key to entrepreneurship. This is so because people will be grateful if you solve their problems. From there you will be able to see a clear path to converting the solution to their problems to wealth. This is called opportunity identification.
An entrepreneur discovers an opportunity or gap in the market either by mistake, purposeful search, or by creating a demand. Whichever one comes first, make sure you find a solution to the problem. Identifying and solving these problems will differentiate your product from the rest of the existing ones. Now that you have known what products you ought to sell to maximize a profit, let’s get cracking.
Study and Experiment with your product
Some people want to just start sales immediately they make their product without taking time to study and experiment it themselves before giving it out for public consumption which is a very bad approach. You have to study the pros and the cons of your new product. Carry out different experiments for different scenarios and play a neutral role like a consumer would do. Not doing this will help to dampen your reputation.
If you are making products that involve measurement, for instance, start with smaller quantities so that you will be able to experiment as many times as you want. While experimenting, play the role of a very strong critic of your product. By this, I don’t mean extending your self-criticism to your customers but rather I mean telling yourself the plain truth. This will propel you to work harder to improve on your product. Don’t rush into the market without correcting your flaws. If you made an obvious mistake during production, kindly keep your product for personal consumption rather than destroying your reputation all in the name of you want money by all course.
Start with small groups, friends, and family
It is not advisable to introduce your new products especially for startups to the larger market or for wholesale but if it works for you, that’s fine. Start building your reputation from friends, colleagues, family members, religious groups, and associates. Politely ask them for their honest review about your new product. If they mention any flaw in your product correct it. Promise them that your product will be better than the previous one and make sure you keep to your promise.
One of the reasons why it is advisable to start with small groups and close associates is that it would be easier to maintain your reputation when things go wrong than in the larger market. If your product is good, this first market place i.e. your friends, family members, associates, and colleagues can be a turning point for the sales of your product.
Identify those who need your product
This is very important and will save a lot of stress on you. Delivering your products to the wrong audience is very draining, time-consuming and a waste of resources. Survey to know who wants your product. Know the class of people. The class of people you are delivering your products to can immensely affect your product positively or negatively, be wise! It is also important to know the age range of people that need your product.
Once you have known your target audience, get their contacts and make sure you get in touch with them at regular intervals, even when you don’t supply anything to them so that they know you are still there for them. Make a complimentary card that normally contains your contact details and your product and services. Pay much attention to solving their problems, see that their needs are satisfied.
Educate your audience
I have seen this strategy work tremendously in the health sector. Nobody would want to buy something they don’t know the worth. Nobody would want to buy what they don’t need. Nobody would want to buy what they’re not properly informed of. Educating your target audience will give your customers a chance to make an instant decision to buy your product. When you do this, you don’t need to persuade them too much.
Sometimes in buses, high ways, market places, you hear audio tapes educating people on a certain disease, its causes, its effect, and the percentage of people that have died of it. All of this is to draw your attention to a spot where you say “wow! That means there must be a perfect solution there for me let me give it a try” initially you said “wow! How informative” while you are still pondering on how to get treatment, he starts telling you how his product is the perfect solution for your ailment knowing fully well that he has been able to catch your attention to a spot that you can say “ help me”.
From the above example, we can see how educating your target audience can build a powerful platform for the sales of your product. The health sector was only used here as an example. This strategy works for all other sectors.
The keynote in this whole story is to build a powerful platform by providing relevant information concerning the reasons why your consumers should choose your product. You are going to make them see why they need your product badly. By doing so, you’ve succeeded in opening theirs eyes to see their problems and then you proffer solution with your new product. If your product happens to be of immense help to your consumers, then there are no limitations to where the sales of your product may reach.
Start with relatively cheaper rates
Do you mean I should start with a cheaper rate? Yes but relatively cheaper rates. If your product is similar to an existing product then this is for you. Here is the major key “ let the price of your product not be equal or greater than the existing products that are similar to yours”. You can hike the price gradually once you’ve built your brand and reputation.
The only exception to this rule is a monopoly. This is a market situation where only you are the producer. In situations like this, you can keep the price anywhere you want but remember your customers must know the value of your product and services and how it solves their problem else your monopoly is a waste of time.
Make free offers
Who doesn’t like free things? Another way of winning the hearts of customers from other companies is by introducing free offers. For example, when you introduce your product to a customer and he/she tells you they already have a supplier, give them your product free of charge and assure them by telling them how they'll find satisfaction with your product.
When you organize a service, make sure you give them a surprising package. For example, a cyber café may decide to give all its customers a jotter. In that jotter, the name and contact of your company are written there. This can be a perfect strategy for both referrals and customers coming back.
Advertise your product:
The importance of advertisement to any businessman cannot be overemphasized. That is the reason big firms and companies never put it out despite their massive success. Big companies spend heavily on advertisements more than small-scale enterprises.
In today’s world, there are some places one can advertise his/her product which ranges from free to very affordable rate. The social network website is one of the gifts of the 21st century. Make use of it to promote your product and services. You can use your Facebook account to advertise your products. You can also create pages, groups, and fan pages for your business. Not only Facebook and other social networks have that potential. Example Twitter, Google +, Linkedin, Whatsapp, Instagram, a few but to mention.
Another powerful form of advertisement is by creating a blog. Owning a blog is pretty easy which also ranges from free to affordable paid blogs. You can also use this platform to educate your target audience. The major importance of online advertisement is that it breaks national boundaries and has the potential of catapulting your product and services abroad.
Packaging: Packaging has to do with how you present your product to consumers, how confident you are about your product, and also how you present yourself. The difference between sachet water and bottled water is the packaging. The difference between DIY liquid soap and Morning fresh liquid soap is the packaging. The difference between a banker and other profession is how there dress and attend to customers politely. Putting this point as almost the last point does not annul its impact. Most people have good products but poor packaging. Make sure you come out with something unique.
Be Patient: Patience they say is a virtue. A farmer who plants his crops does not go back the following day or weeks to make a harvest, likewise you in this case. Wait for your precious seeds to mature.
Your opinions are welcome