Sell to the Right Market – Read This First says Paul Haarman.
Abundant success stories abound about how people developed a product, generated an innovative service and sold it to a particular market.
Inevitably, you will find common factors in these success stories that include:
1) The product was developed from needs the entrepreneur recognized in his own life and was required for his own use.
2) The product or service filled a need that the market recognized and responded to.
3) The entrepreneur knew which market had an interest in his product idea before he ever started developing it.
4) The entrepreneur built up a relationship of trust with the targeted market through time spent getting to know the market needs before presenting his product.
5) The entrepreneur developed a marketing plan that included effective ways that allowed him to sell to this specific market.
6) The entrepreneur developed a reputation among the targeted market as an expert, which established credibility about his product ideas and plans for sales explains Paul Haarman.
- In short, successful entrepreneurs choose to follow a proven formula of targeted marketing. This means carefully researching and understanding a particular market before you invest more time and money into the development, manufacturing and promotion of a product or service that might not fill any need in that market.
- The fact is, if no one wants your product, it doesn’t matter how good it is; you won’t make very much money. The reality is that people only buy when they need something that satisfies their desire for convenience, comfort or necessity (people usually turn to purchasing when they can’t get what they want through self-reliance).
- I know this sounds like common sense but too many people take shortcuts in designing products hoping someone else will the value in buying it. If you plan to take shortcuts in the design of your product, you’re leading yourself down a road that leads to inevitable financial failure.
- Targeting a market is a vital part of designing a new product. You want to make sure there is a viable market for your idea and then, once you have targeted the segment, stay true to it as much as possible.
- If someone tells you it’s too late or they don’t need what you’re selling anymore skip them and find another prospect because they will only waste valuable time better spent with someone who wants what you’ve got. Not everyone wants or needs everything so make sure those who do are willing to pay the price before wasting their valuable time with those who either can’t afford it or don’t want it.
- A lot of entrepreneurs either never read this part of a perfect business plan before plunging into new product development or they get so bogged down in the design process, which is usually a fun and exciting time, that they forget to use common sense when trying to sell their products says Paul Haarman.
- The best advice I can give you on selling your product is this: be disciplined enough not to develop your idea into a physical product until you have tested it on several potential buyers from your target market and have received enthusiastic responses from at least 80% of them.
- My years of experience have proven that if you take these steps before investing significant time and money into new product development, your chances for success rise exponentially. If you can’t find 80% enthusiastic prospects in your target market, it is probably not enough of a match to risk spending too much time with the product development process.
- When you are trying to build up a client base in a particular market. Focus on making sure your potential clients know all about you and what you’re selling. Before they make their decision about whether or not they’ll buy from you. If they have no information about who you are or what solutions you offer. For their problems they won’t be willing to let go of their money just yet.
- Give them plenty of opportunity to get familiar with what you’re all about before asking them to buy anything. Make it easy for them to find out more information by developing press releases or product reviews. That explain what you do and why they should buy from you.
- Create a landing page on your website where people can submit their contact information. To receive more information about your offer. Which includes a price list, ordering details etc. Include an option for those who are only curious about the product or service to leave their information as well. But make sure there is always a time limit for this. So those who are truly interested have the first opportunity to buy.
- In addition to creating a landing page consider using social media sites such as Facebook and Twitter. Especially if you’re targeting younger consumers, because these sites allow businesses. And consumers alike to communicate with one another via status updates and responses (comments).
One of the most common reasons for failure in new product development. Is being unable to sell enough products to keep the business afloat says Paul Haarman. This doesn’t just mean you have to find a way to recruit clients. But that you have to do it fast.
You should always remember that your prospects are just as busy as you are. So they won’t spend much time with you. Unless there is something in it for both of you, like money or convenience. Don’t let this reality discourage you. Because once your offer gains momentum your “busy” prospects. Will make room in their schedule for whatever it is they need from you.