How to find out if people want to buy what you want to sell
When starting out in business, it’s easy to get excited by a new idea. The same is true when you are an established business looking to bring a new product to market, or an established foreign business planning to expand into the American market. The challenge is to dig deeper and work out if there is a need and an audience for what you want to sell.
Find problems, not solutions
The best products come from identifying problems, then working to create a solution. Make sure you don’t think backwards, coming up with a solution then trying to work out what the problem might be. You may miss the mark and struggle to define your target market as a result.
Research is key
Detailed market research is essential to determine your idea’s potential, to ensure you don’t spend valuable dollars on unfocused or untargeted activities. Be sure to focus your research on the specific market you are trying to reach — cultural differences mean that bringing a popular product to a new region or country does not automatically guarantee success.
Know your competition
Learning as much as you can about your competition is a great way to give your business the edge. See if you can work out a way to do things better, smarter, or more cost-effectively. From this you can define your unique selling point, the key point that will set you apart from your competitors.
Fine-Tuning
If your competition analysis identifies any weak spots in your business idea, don’t give up hope! This presents a great opportunity to fine-tune your idea, to really make sure it’s a viable product with a clearly defined target market.
At ReachOut Business Solutions, we help new and existing companies expand, reach new customers and establish a presence in new markets. We have years of experience helping businesses succeed in the competitive U.S. market. Contact us today to see how we can bring your product to a new audience.
