This weekend’s Author’s Picks will focus on some of the inner workings of your UK small business. Today, we’ll discuss creating your product. No, not manufacturing, but what goes on before that.
Of course, manufacturing your product is an important aspect of your business, but then consider this. What would you do if no one wants to buy your product? Such a waste of money, time, and effort, yes? Which is why you should first do five things before your product idea hits the assembly line.
1. Market Research
As mentioned earlier, no one would buy the product if no one feels the need for it. It doesn’t matter how well-made your product is, or how proud you are of it. People only care about what the product can do for them. If no one wants it, that would be a proper shame for your UK small business. You worked so hard to design the product well, but it doesn’t sell.
How do you avoid that? Well, before creating a product, study the market first. Identify its needs, and the specifics too. What problems are there that people want solutions for? How big of a problem is it? How much are people willing to spend for a solution?
Remember that your aim is to generate income out of your product. It isn’t about showing off how good you are in designing the product. People don’t care about that. What they do care about is whether or not your product is a good solution to their problem.
2. Identify Your Prospective Customers
This stage is where you can channel your inner Sherlock Holmes. Investigate and know as much as you can about your potential clients. Find out about their jobs, the companies they work for, where they reside, their income, age group, what they like to buy the most, things like that.
If your clients are companies, then learn about the sort of businesses they’re running. Find out about what services they have, what products they sell, whom they sell them to, and the like. Additionally, it pays to check which media outlets they patronise, so you can tap into them for advertising.
That isn’t the end of it; click here to read the rest of the article.
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Every success to you,