Surveyed Extensively
Sophisticated buyers will tell us immediately whether or not our product or service will be successful. Therefore, enormous amounts of money are spent every year in test marketing. Many thousands of prospective customers are Surveyed Extensively to determine whether or not to bring a product or service to market.
In spite of these most extensive interviews and surveys, fully eighty percent of all new products or services will fail within the first year. Our time and money are extremely valuable to us. We cannot afford to waste time by investing in producing a product or service that fails in the marketplace.
Every dollar we spend in test marketing will save us many dollars of losses later on in the marketing process. Develop a prototype, model or description of the product or service that you may show others. With a model or prototype, we can try it out for ourselves. Then when we are satisfied, we can demonstrate the product or service to our prospective buyers.
We need to get accurate prices and delivery dates from suppliers, especially if we are purchasing the product for resale. Determine all the costs involved in bringing the product or service to market. Include your personal labor costs at your hourly rate as a cost of doing business. Then ask your friends if they would buy the product or service at the price you will have to charge.
Imagine we are our own consultant, or you have been asked to evaluate this product or service for a friend. Determine the costs of offices, equipment, shipping, loss, breakage, insurance, transportation, salaries and everything else involved in bringing the product or service to market. Determine the price we need sell the product for in the current marketplace. Find out what else is available that is similar, or performs the same function. Go to a potential customer with our sample or prototype and ask if they would buy it.
Compare your product or service with other products and services on the market. Why would someone buy from us instead of from someone else? Solicit negative opinions from others. Do not fall in love with your own idea. Be an optimistic pessimist; look for the flaws in your marketing plan. Tradeshows and Exhibitions are a terrific place to get immediate feedback on a new product; they are an excellent source of market research.
Other companies marketing similar products will have their products on display there as well.
“Remember, Success is always Within Reach”
#terry ogburn #entrepreneur #Business #Business Development #Business Sales #business coach #business coaching
In spite of these most extensive interviews and surveys, fully eighty percent of all new products or services will fail within the first year. Our time and money are extremely valuable to us. We cannot afford to waste time by investing in producing a product or service that fails in the marketplace.
Every dollar we spend in test marketing will save us many dollars of losses later on in the marketing process. Develop a prototype, model or description of the product or service that you may show others. With a model or prototype, we can try it out for ourselves. Then when we are satisfied, we can demonstrate the product or service to our prospective buyers.
We need to get accurate prices and delivery dates from suppliers, especially if we are purchasing the product for resale. Determine all the costs involved in bringing the product or service to market. Include your personal labor costs at your hourly rate as a cost of doing business. Then ask your friends if they would buy the product or service at the price you will have to charge.
Imagine we are our own consultant, or you have been asked to evaluate this product or service for a friend. Determine the costs of offices, equipment, shipping, loss, breakage, insurance, transportation, salaries and everything else involved in bringing the product or service to market. Determine the price we need sell the product for in the current marketplace. Find out what else is available that is similar, or performs the same function. Go to a potential customer with our sample or prototype and ask if they would buy it.
Compare your product or service with other products and services on the market. Why would someone buy from us instead of from someone else? Solicit negative opinions from others. Do not fall in love with your own idea. Be an optimistic pessimist; look for the flaws in your marketing plan. Tradeshows and Exhibitions are a terrific place to get immediate feedback on a new product; they are an excellent source of market research.
Other companies marketing similar products will have their products on display there as well.
“Remember, Success is always Within Reach”
#terry ogburn #entrepreneur #Business #Business Development #Business Sales #business coach #business coaching