It is very tempting to just jump in and launch your product or service.
A little homework before you do can go a long way to help you succeed.
And it helps you develop the best marketing strategy for your brand.
These questions apply when you want customers for your new product or service.
And if you want expand your business with customers with additional products or services.
Before you decide to launch ask these 11 questions and avoid some heartache:
1. Is The Market Large Enough?
Unless it is a new market that is growing, if it is really small it may indicate there is not the demand by customers for the products or services.
2. Is The Market Growing?
Not much use launching your brand if the market is flat or declining.
3. Are There Too Many Competitors?
If there are it can be very difficult to be heard amongst all the noise.
4. Are There a Couple of Dominate Competitors?
Trying to get business from well entrenched competitors is tough even if you have money to spend.
5. Are There Viable Segments Within Your Market?
This can provide the opportunity to just target one segment rather than the whole market and also provides opportunities for expansion in the future.
6. Do The Customers Buy Often Enough?
Unless it is a high priced product or service you are going to launch, you need regular buyers.
7. Is The Market Price Driven?
If it is and unless you have a super low cost structure with add ons to sell do not go near it.
8. Is The Market Seasonally Driven?
For example if the majority of sales are only in spring and summer months you need to make sure you can make enough sales to carry you over the quiet months if you do not have any other products.
9. Is The Market Influenced By Other Markets?
For example if demand lowers for new housing it will affect all businesses that supply to that market, such as real estate agents, electricians, lighting businesses.
10. Is There a Low Cost of Entry?
This indicates that set up etc is pretty low, but it will also attract many others to the market and that means increased competition.
11. Is There a Gap in The Market?
If you are just going to be another me too product or service then it is going to take more money and time to get customers if at all.
This area can be a little dry and definitively not as exciting as other parts of marketing, but it is one that can’t be overlooked if you want to enjoy business marketing success.
I am sure there are other questions you may have asked or used with your customers if you consult, so please add to the list.
Get your step by step handbook to find the right market for your product or service.