Are Your Products Right For Your Target Customers?
One BIG reason for business FAILURE is due to businesses trying to sell the wrong products to their TARGET CUSTOMERS.
Many businesses, especially ones that are just starting, create a product and then they try to find customers to buy that product. This is the wrong way to start and run a business and the wrong way to think about your product.
Design & Plan Your Product Around Your Customer
Your product should be designed and planned around your TARGET CUSTOMER and their WANTS and NEEDS.
First Identify A Problem, Then Match Your Product
The place to start is to identify a problem that a large number of people might have and then design or source a product to sort that problem. By doing this, you will be MATCHING your PRODUCT exactly to what a large number of people will want and will buy.
And, because it should sort a particular problem that these people will have, it should sell well and the sales should be great enough to make your business viable and profitable.
A client of mine has just opened Tilleys Gluten Free Bakery, but before he took the big and expensive step to start his bakery, he researched heavily his potential TARGET CUSTOMERS, firstly to understand them as a group and then he researched their NEEDS and WANTS, so that he could produce Gluten Free Products that these TARGET CUSTOMERS would enthusiastically buy.
Once he had developed his products, he then tested the sales of these products on his potential customers and invited their comments and critique. All reaction was analyzed and further modifications were made to the PRODUCTS.
Only when he was confident that he had products that matched exactly what his potential TARGET CUSTOMERS NEEDED and WANTED, did he take the plunge and start his bakery. Now, a few months after launching his new business, SALES are STRONG and GROWING and, importantly, he is making a PROFIT.
This Took More Time Initially But Saved Time Long Term & Gave An Initial Profit
The process that he followed took more time and more effort, initially, but in the long term, much time has been saved and the chance of failure has almost been eliminated and he has made a good initial profit – which for a new business is crucial.
When you do start a business or launch a new product, think about your TARGET CUSTOMER first and then think that any PRODUCT that you launch must satisfy exactly the NEEDS and WANTS of your TARGET CUSTOMERS and give them BENEFITS.
Research your TARGET CUSTOMERS, first, and get to know and understand them well and make sure that YOU understand their needs and wants too.
Then, YOU should TEST your product on groups of your target customers to ensure they would be happy to buy your product. YOU should note their comments and make corresponding adjustments to your product.
Only once YOU are very happy that YOU can sell a large volume of your products to a large number of customers and that YOU can create a good PROFIT should YOU attempt to sell that PRODUCT.
Start With Your Target Customer & Not Your Product
In short, you should START with your TARGET CUSTOMER and NOT your PRODUCT.
If you would like further advice on this please contact me: Robert@prestigebusinesscoaching.co.uk
Or leave a comment below to engage in the conversation.