Your Product Strategy to Grow Your Business should be all about the customer and what they want. NOT you, and what you think they want.
Step 1. Start by asking yourself these questions
“Why am I in this business?” What is my purpose for being here?
It’s not about you, and not about making money. It’s about what you can do for your customers.
Who are the people you are serving? Will they be willing to pay for your product?
Have you adequately researched your niche or new product category before launching it?Is there a market for your niche and do you have “Proof of Concept”
i.e. that your product offer and marketing message will result in sales?
One of the biggest mistakes that people starting out in business make is thinking that they’ve got a great idea. You need to do your research to establish that there is, in fact, a market for your niche product or service, and will people be willing to pay for it?
To do that you will need to be very clear:
- Exactly who is your perfect customer?
- What problem are you solving for them, and
- Why will they be willing to pay for your solution?
How you go about these 3 crucial steps will depend on the type of business and niche you are targetting.
- Is the business online?
- If the business is not online, i.e. it’s a “Bricks and Mortar” business ?
Is your target customer selling “business to business” (b2b), or “business to consumer” (b2c) i.e. the end customer for the product)?
This is important because the selling process and pricing strategy for b2b and b2c will usually be totally different.
The Business Growth Accelerator program provides an in-depth explanation of how to go about this process.
Step 2. Do you fully understand the marketplace in which your Niche or New Product does business?
Who are your main competitors, their strengths, and weaknesses, are there alternative products that people might buy that solves the same problem?
Are there any trends (positive or negative) that could have an impact on your business or product?
Step 3. Is your Niche or Product “Boutique” or “Scalable”?
Creating a Boutique business, as opposed to a scalable business is a conscious strategic decision and commitment to emphasize quality over quantity in every aspect of the customer experience.
A boutique business focuses on a tiny segment of a niche–clients who want a personalised experience and want to know that they are getting the very best products or services.
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