Creating a product is the first half of a marathon. The next half is about reaching the customers and penetrating the market.
You have a practical and novel idea for a product that has a promising future. You set great plans for it and meticulously develop it into a product that fits the market well. Then the next step is reaching to the customers showing them that you exist and creating a market for yourself.
Here’s how you can grab your share of the market
1. Educating the population
Products are meant to solve problems or enhance our lives. New products will be entering a newly created market. Showing where your product’s strength lies, how it’s meant to be used, functional intuitiveness, safety, ergonomics, and simplicity greatly define a product for a customer. Such messages can be conveyed by the use of Infomercials, Commercials, and functional demonstrations whenever possible. This can help clear the misunderstanding that surrounds the product as well as its purpose and strength.
This is one of the most daunting tasks to complete. Pricing the product perfectly does not mean success but being unable to do so may direct you towards failure. Pricing should consider but not be limited to the predicted amount of sales, profit, market trend, the cost incurred, etc. Underpricing will upset the competitor which may trigger a price war that is not favorable for a new business. We have seen new businesses using limited-time offers and discounts to get the customers and we have seen competitors fight back with offers and discounts as well. As long as you are different from your competitor and can provide more value around the same price it will be easier.
As for the new business or products that are new to the market you don’t have a competitor to worry about but a new variable: customer’s spending habits. Spending habit is a complex phenomenon that needs to be dealt with using focus groups and surveys. Examining market trends in such a manner yields important insights important to both new and existing businesses.
You can’t succeed alone.
You, as an entrepreneur, need to be very much focused on your product and market. There will be many variables that need to come together for your products to succeed. These variables may be the market condition, customer knowledge, or even a product of some other company. For eg: If you run an online shopping platform, consumers are going to need a good and cheap network connection to be able to browse products and keep them engaged. Even in the best business environment, you consumer will need that internet connection to reach your product (online shopping). You can’t deal with internet issues. Instead, collaborating with an internet provider and letting them handle that part will help both reach more customers. A win-win situation for both the parties.
Identifying these variables and dealing with them so as to sustain in a competitive market, reduce risk and even create a win-win situation for all the parties is essential. Don’t be afraid of collaborations. Establishing ground rules beforehand will be beneficial for both as you set on the journey.
Even after you’ve done all the bits, you may not be getting customers. Well, sooner or later they will catch up. Not losing your cool is essential to avoid hurried acts committed to attracting customers to avoid a mishap. Persevere and wait for the market to catch up. Take feedback and notice market trends to modify your marketing approaches. Changing approaches too much also goes on to hurts your brand image so be cautious and wait for the results to come.