Some times we get confused when we launch or brand a new product into the market. We may not know were to start or how we can market it effectively. Answering these 6 questions will help you to analyze where your product is currently and how to make the product into a successful one.
1. Who all needs your product?
You should have an idea about the market of your product, which category are supposed to buy your product? Whether its for middle class, upper- lower class or for everyone. As an example BMW is certainly aimed on upper class while a tooth paste(colgate) is for all the classes. If you are dealing with the upper class you need to focus on the quality not its price. While with middle-lower class focus should be given on price(should be economical) without losing its quality.
2.How much can you expand your business (Does it have a local or global market)?
You should be aware of your product visibility. A tooth paste got a global market, its useful all over the world. While some products are confined to your local market. Having this idea will help you in your business expansion for future. Some business cannot grow beyond a limit(or market), if you are aware of this visibility from the start of business, you can develop it in the right direction. A fat burner got not relevance in Somalia.
3. Do you have an attractive name for your product?
Your product as well as its name should be attractive, an awful name can spoil your product .The name Pepsi has been originated from the digesting enzyme pepsin, they were able to deliver a unique ,meaningful and catchy product name which stands as a key factor in the success of pepsi. In fact naming a product is a zero investment thing, what you require is some vision and common sense.
4. Does your product looks attractive?
Looks do have high significance in all perspectives. Rubik cubes was a sensation in the mid of 1980’s not much less even now. It stays as the most sold product of all time. Rubik’s cube is very eye catchy because of its colors, symmetry and unique design. For sure, one will remember Rubik’s cube even if he is seeing it for the first time(or even in a glance). Well, the colors in Rubik’s Cube (even though purposeful ), it stood as one of the key factor in making Rubiks cube “one of the worlds most sold product”. More than 40 crores or 400 million Rubik’s Cube has been sold till now.
Mario stands to be the most popular video game of all time. The character Mario was having a peculiar ,funny and friendly design (fat man with a pot belly and mustache). His mission is to save the princess from the enemies, so he needs to be strong too(You will get such kind of feeling once you see Mario). Owing these aspects, its really important for your product to have a fantabulous design.
5.Who all are your competitors?
Every product got its competitors, more competitors means more competition and this in turn brings good quality of the product in the market. You need to make a list of the competitors in your field, make a case study of the market leader and answer these questions.
- Whats the difference between your product and the market leader’s product? – You should make a chart of the major difference between your product and the market leaders product. Make a comparison chart of the price, quality, quantity, trend and other major factors which decides the success of your product. You can find where your product should improve.
- What kind of advertisements are they using for their product? – Advertisement play a key role in developing your brand. You need to analyze the logo,website,brouchers and other promotional materials of your competitor. MC Donalds, Apple etc the best example for attractive logos. How much small are you, if you are able to deliver the best logo(when compared to your competitor(it doesn’t require much investment too)) . You may start some logo contests in Freelancer or Elance. An attractive logo will get some attention for your product in the market. You can depend on televisions, newspapers, and Internet for advertisement and promotions of which Internet would be the cheapest. You should also have an attractive website for your product, check these articles about how you can take your business online. By using wordpress( buying one good wordpress theme) makes your tasks really easy.
1.How to find a Good Domain name for your website?
.Also research over their business tagline and find out how effective it is.
6. How are you going to use your funds?
The nourishment of your bushiness depends on how wise you are going to use the fund (or capital) you got in hands. You should do lots of case studies with respect to your competitors and find out where you should spend the money. For example, if your competitor is spending lots of money in advertisement, you also may need to spend money on advertisement. But you should never ran out of money because you need to focus on other areas like Production and its quality. So use your capital wisely.
Answer all these questions and do a deep analysis, at least you would be able to get a vague idea of where you are in the industry currently or what you need to improve.