How to market your product?
I know you love your product. It’s like your own baby – you conceived the idea, you materialised it, you created it. Now you want to nurture it and make it grow, make it shine, make it seen and appreciated by others. You want to be proud of it, and of yourself; you want to benefit others from having it, using it, or even just knowing it; and most ideally, you want to make money with it.
You then created your website, or perhaps even rented a physical space which is to be called a shop. You are aware of the influence of social media, therefore you have created all kinds of accounts to promote your “baby”. However, there is no sales…. which means no revenue… which means your costs are not even covered, not to mention profits.
What is wrong? You ask yourself and you rack your brain. You start investing more money into the physical decoration of your shop, into promotions on social media, but all seems to be in vain. Why?
I know your “baby” was “born” out of love. But was it meant to be “born”?
It sounds harsh. But please take a minute to think about it. Before conceiving the idea of such a product, did you know about the market? The whole market size, the whole addressable market size and your target market size? How many players are already in your target market? How many of them are your competitors?
Then about your product – What are the differentiations of your product? What makes your product stand out? Is it environment friendly? Is it ethical?
Your customers’ unmet needs make them your target customers. Because you will meet their needs. Hence they will love your product and you. Have you spent time trying to understand your future customers? Their gender, age group, educational background, profession, lifestyle, hobbies, etc. etc. If it’s a B2B business, the same principle applies, everything about your customer’s industry matters. Their growth means your growth.
Is your business model feasible? Is it sustainable? Do you know anything about laws and regulations in your production site and your market site? Do you know if your raw material suppliers are reliable? It also applies to the shipment and payment method.
Before you have answers to all those questions, don’t, please just don’t make your “baby” born. Because raising a child is tough.
I am here to help you find all your answers. Contact me.