Bright Ideas # 89 - Will your product, service or idea sell?

So, you’ve got a terrific idea for a new product, service or business. But how do you know if it’s going to sell?

That’s a question I hear quite a lot from my clients—and from random people I meet who find out what I do.

Now, some ideas may seem like winners right off the bat. And they may be. But unless you do a bit of testing, you’re just making an assumption.

And we all know what happens when you assume anything. ;-)

So before you go spending tons of time, money and energy launching your latest thing, you need hard evidence that it is something people are interested in. And more importantly, that there are enough people who want it—and would be willing and able to buy it.

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How do you test a product, service or idea on the cheap?
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Just because you aren’t a big corporation with a ginormous budget burning a hole in your pocket, doesn’t mean you can’t do your due diligence. Just use this simple, five step process…

The first place to start is with a little research. You can do this on the Internet, at the library, or even the local magazine rack.

Here’s what to look for…

1) Does anyone else already sell or offer what I have in mind (or something really similar)?

If so, this is a great sign. Because it means chances are good someone out there is buying it.

If no one offers what you want to sell, this is a red flag. Because instead of just explaining why they should buy from you instead of someone else, you have to explain why they should want it in the first place. However, it’s not a deal breaker.

As long as you can confirm there is an interested market for what you want to sell, there’s no reason not to move forward. Because although this can be an uphill battle, if you can be the first—and take over a good share of the market—you’ll be in the cat bird’s seat.

2) How many people sell it?

Competition is good. Too much competition can be a problem.

But it’s a fine line.

Because if the market for your idea is enormous then there is plenty of room for competition. And if you have a unique twist, benefit or feature to what you are offering, then competition is not a huge concern. You just have to market your idea to highlight the key difference so you stand out from the crowd.

3) What, exactly, are they selling and how does it compare to what you are offering?

Make a list of the features and benefits of your idea, then a list of the competition’s features and benefits. That way you can easily see what makes my product, service or business different.

4) Who are they selling it to?

You can get a good idea of who your target market might be simply by looking at who your competition is selling to. This is not to say there aren’t other potential markets. Or that you definitely want to sell to the same people. But it helps to know who is buying now.

5) How much are they selling it for?

You don’t have to sell for the same price. But if you plan
to ask for more money than the competition, you need to be
prepared to sell the value of your offering. And to show
prospects why it’s better than what the competitors are
selling.

In most instances, the last thing you want to do is sell for less just to be the lowest price. Thanks to the Internet, someone out there can almost always beat your price.

Plus, it’s all too easy to undercut the competition, only to discover you’re not making enough to cover your costs—or even sustain your business.

Once you’ve done all your research, you should have a reasonable idea as to whether or not there might be a market for what you want to sell. So the next step is testing your idea.

How do you do that without breaking the bank?

Watch for next week’s email, where I’ll answer exactly that.

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Do you have a marketing, advertising or writing question you’d like to have answered? Email me and you might see the answer in a future edition of Bright Ideas.

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