How to know a new product of his company?

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Whether you are already the head of a successful business or starting to dream of running your own business, every entrepreneur shares something in common: it is up to them and their team to develop new products that attract customers and keep the business afloat.

Of course, anyone who’s ever tried to start a business knows it’s easier to say it than to do it. This is why it is so important to validate product ideas before sending them to market: it allows you to confirm your assumptions about what types of products people will pay for before spending a ton of money and energy. in the development of a new product. Additionally, the process of validating your ideas can help you refine your understanding of your audience, your market, and your unique value proposition.

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So how do you go about identifying a great product idea? Start by asking yourself the following questions.

Plan of the article

What problem are you trying to solve?
What is the demand for a solution to this problem?
Does a similar solution (product) already exist?
Do you have the budget and the marketing tactics to successfully develop this idea?

What problem are you trying to solve?

These questions are at the heart of every potential product: if it doesn’t solve some kind of problem, that is, if it doesn’t provide value to customers, no one will have a reason to buy it. So, the new generation of product ideas begins by identifying a problem that your existing or target population would benefit from solving. Here are some examples :

Also read: 5 reasons to set up a business in Marseille

.For the health-conscious community, nutrition labeling in restaurants solves the problem of going out to eat without destroying their diet
.For the weightlifting community, lifting straps solve the problem of wanting to squeeze in a few heavier risers when the grip strength wanes
.For the startup community, nootropics solve the problem of being able to focus on coding for long periods of time

The key here is that it has to be frustrations or pressing issues. If it would be “nice” but relatively inessential for the problem to be fixed, people will have no reason to shell out money for it. Which brings us to the next point.

What is the demand for a solution to this problem?

Once you’ve verified that your potential product would solve a legitimate issue, it’s time to determine if your customers actually care about fixing that issue. You can do this with a number of tactics, including reviewing industry reports, Google Trends, social chatter, keyword analysis, and more. Many businesses also choose to use crowdfunding or test landing pages and Adwords campaigns as methods of testing product demand.

Before you jump into these more fancy tactics, one of the most effective options is to simply take a look at your existing customer base (assuming you have one, of course). Start by asking them the following questions:

.Is this a problem they regularly encounter?
.How urgent is this problem?
.What is their current strategy to tackle this problem?
.Would they are prepared to pay for a more effective solution to this problem?
.If they wouldn’t be willing to pay for a more effective solution, why not?

If the problem is really urgent and there is a strong desire for a more effective solution to the problem among your target base, it is a good sign that you are on to something. If people are lukewarm about paying for a solution, it’s probably time to get back to the drawing board.

Does a similar solution (product) already exist?

Most of the ideas are not entirely original, but rather are derived or inspired by existing products. There is nothing inherently wrong with it, in fact, you can use it to your advantage. Research your idea to see if it or something similar is already in progress. If so, take the time to investigate your competition. Pay attention to their site traffic, referrals, social follow-up, customer volume, growth rate, size, sources of funding, etc.

If your competition is doing well, it’s a good sign that there is a verified demand for the type of product you envisioned. Identifying competitors also gives you another advantage: it gives you the opportunity to improve their existing products and potentially even attract some of their customers.

Do you have the budget and the marketing tactics to successfully develop this idea?

It is easy to forget this question in the excitement of a new idea. But if you don’t have the financial resources to manufacture and distribute both a prototype and one – or the ability to secure said financial resources – then even the most amazing product idea just isn’t viable. as long as you don’t have the resources to do it (and it isn’t of any use to your customers). Likewise, it’s important to determine if the product fits with your existing marketing strategies. You can have the best product in the world, but if you can’t afford to put it in front of potential customers, it won’t do them any good.

The above questions form the foundation of any new product idea. If you can prove that your product solves a legitimate pain point, that it is demanded by customers, that it provides additional value beyond its competition, and that it is in line with the budget and marketing strategies of your business, then you are well on your way to developing a product that your customers really enjoy.

 

 

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