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How to know if your product will be successful



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How to know if your product will be successful

A lot of us want to run a business that sells our own products, but we never really know if it's going to sell well or not.  There are a few things you can do in order to figure out if your product is going to be a success, or if it's going to flop.  One of the worst things for your moral is to think you have a great product, set up a business for it, then it comes to be a flop and no one in the world wants to purchase it How to know if your product will be successful  That's why you need to do extensive research in order to know if something is going to work or if it's something that needs to be thrown in the trash.

Figuring out if your product is going to be something good actually isn't that difficult.  You just need to do a few little steps and you can likely knock these out in a single day, and these things are:

Does your product solve a problem?
If you're not solving someone's problem, your product might not be the best thing to push right now.  This is because something that solves a problem has a spot to fill in someone's life, and people will gravitate towards it. 

Now, I'm not saying your product is bad if it isn't solving a problem, I'm just saying the products that fill a void or solve a problem are always the ones that do better after launch than the products that are simply duplicates of a competitor and are just trying to get a piece of the pie.

Is the market saturated with competition?
If you're launching a product and the first ten pages of Google are loaded with competitors, your market may be saturated.  Now, this might not be a bad thing, because depending on your niche, you could have a PPC goldmine How to know if your product will be successful  If you have a bunch of competition, but not many of them are running PPC campaigns to bring in new clients, it means you don't have much competition for ad space and that means your CPC will be rather low.  Having a low CPC in a saturated market usually means most of the competitors aren't paying for their website to be placed at the top of the search results, and that's where you swoop in and take all the sales How to know if your product will be successful

Now, if your industry is saturated with million dollar companies who are throwing hundreds of thousands at their PPC campaigns, you might want to rethink your product and approach because it's always going to be an uphill battle How to know if your product will be successful

Can you create it for 1/3 of what the competition sells for then undercut them?
Creating your own product can be pricey sometimes, but what you'll want to aim for is creating it for 1/3 of what the competition is selling theirs for, then undercutting their prices and bringing the new customers towards your own products.

Even if you're new the industry, people will choose to purchase from you if they can save some money.  Think about it, if you're creating a product for $10 and your competitor sells it for $30, you can come in and sell it for $25 and bring more clients to you instead of having them go to your competitors. 

If you get large enough, do you know how to outsource production?
You won't need to know this right at the beginning of your journey, but it's something you need to fiddle with over time in order to get the best deals with manufacturers who can churn out a lot of product in a short amount of time without lowering the quality you have at launch. 

There are a lot of Chinese companies where their sole purpose is to manufacture someone else's product then ship it to them wherever they want in the world.  I'm sure you've seen something that says "Made in China" if you live in the United States, and that's because we have a lot of manufacturing companies over there putting together our electronics, clothing, and pretty much anything else you can think of.  So, know where you can get your product made in the masses and you will be happy you did when you eventually get a massive wholesale order How to know if your product will be successful

Do you have the capital to brand and advertise your business/product?
People always think they are going to bootstrap their business, but that's not always the wisest thing to do because you could get more popular than your profits can handle.  If you get big enough, you will have retailers or big chain stores showing interest and they will put in purchase orders.  You don't get paid upfront for this type of order, sometimes you'll get paid 25% to 50% but not always, which means you will need capital to burn in order to get the order done.  Once the order is done you will then get paid the remainder of the balance, which is normal, but you might not be able to get the order done if you don't have funding.

You can get a credit line or a loan, but if you're already profitable I don't see why you couldn't get a nice credit line with the bank your business bank account is located.  The bank you hold your money at will know what your cash flow is like and they will give you a credit line based on that, they might even give you a larger credit line if you show them your purchase orders How to know if your product will be successful


In conclusion
Knowing if your product is going to win or flop is a great thing to understand so you aren't wasting your own time or anyone else's.  You could invest a ton of money in a product that flops, but that will hurt more than just your wallet, you will be depressed that it didn't work out and you will question yourself when it comes to every great idea you have from here on out.  Know what works and run with it, if there are red flags popping up when you're doing your research, be sure to stop in your tracks and move on to your next idea.


Remember to follow me!
https://www.seoclerks.com/user/TommyCarey


Thanks!

Tommy Carey

Comments

kaushikangara

Great tips. The success of a product all depends on how well you market it. The more the market penetration, the more successful the product will be. Also, surveying the audience before launching the product is a good indicator if the people are willing to buy such a product. Sampling also helps sometimes. Try distributing free samples of the product to a group of people and take feedback. It helps a lot.



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stbrians

It is true. Marketing actually brings traffic and so the sales also improve



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luv2xacosta

Yes it helps a lot when you try giving free samples to the customers. It is also an advantage when your product is not yet known.



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menchuuy58

Wow. That is a nice suggestion to distribute free samples and having a survey first.



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burgosmichael24

Thanks for the informative analysis. I find it very useful and quite interesting. It reminds me of my college days when I was taking the course Business Administration major in Management. Those were the days where I encounter a lot of articles like this. You are such a great writer and your works are superb.



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stbrians

I agree with you on this. Good writing and quite informative material is what he has. I love the writing due to very good research and experience.



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menchuuy58

You are right. He is a great writer and he writes excellently.



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kaushikangara

Hi, great to know you took Business Administration course. I am into finance sector as well so if you can tell me the topics that were covered in the course, it would be helpful. I am into the insurance industry and would love to read more on Business Administration



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gutzman

This is so true. No matter what effort you put on making a product or deliver the best service you could, if it has a low demand, everything will likely be put to waste. You really have to plan and look at all angles whether it is good to do this and that. Will this work or not? You have to ask yourself and answer it by researching and analyzing probabilities before going into the real deal.



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Barida

Having a market for the product that you are selling is one thing that we shouldn't joke with. It is going to be sad when there is large outlay of products to sell while the market for it is quite low.



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theresajane

I agree with you. If you start a business without thinking if the market that you have to target, your business would totally be screwed.



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menchuuy58

That is right. Consider the law of supply and demand.



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stbrians

Marketing a product is one area. Making a sale is another and lastly bringing in more people is an issue.



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menchuuy58

You are correct. There a lot of things to be considered so that a business will become successful.



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ballyhara

Exactly, you may think you have the perfect item, but what about the marketing of it? and where to offer it, so the sales can be a success? You have to attract the customer, and that requires to be seen for a massive amount of people, like using social media and TV. You have to take care of many steps, to make the sales of your life.



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amelia88

Those are some very important factors in determining whether you're going to succeed in the business market these days. I particularly agree with the one about whether or not your product solves a problem. That's a huge thing in determining whether to launch a product at all - if there are already 100 products out there that solve that issue it can be tough diversifying yourself from others already out there.



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theresajane

I agree with you. We we're always told that your product would sole a problem, or else your business would be the problem later. But, if the business has been there with lots of competitors, it would be hard to stand amongst the others especially if they've been there for a long time.



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Barida

The core aspect of whether the products are going to solve problems remains top of the agenda. This is something that when I look at, I believe that there is need us to understand that every product is meant to provide solutions to some issues in the world.



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cmoneyspinner

A saturated market? Oh, I hate that! I can't stand looking for a product and a bazillion companies offering the product show up in the search results. That's why branding and advertising are so important. People remember ads and if they link that ad to your brand, you've got your foot in the door. Saturated market or not!



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Em14

You will know if your product will be successful if there's a lot of people inquiring about the service offer or the product selling. You will notice that it will be going to be hit when it started to grow and make an increasing monthly income.



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theresajane

These are such great tips. People should always research articles like this when they want to start a business. Some just jump into the trend without even thinking if it would still sell big in the future. We are always told to have a business plan hmand consult people who are professionals in this field.



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Jelineex

Yes, I agree with you. It's a great advantage to take feasibility study in any product before venturing into business. One should know the potential target market To ensure the growth of the business. Strategies and techniques will be applied as means of promotion. It always good to make observation and analysis before deciding.



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HappyLady

Interesting. I didn't realise "Made in China" was often "made because America." My Dad and his friend once tried to make a thing you put a camping stove on, way before the Internet and social media were invented. I can see where they went wrong. At the time there were better versions of their invention available although they made it to do something they felt was missing. I cannot remember what. It makes me wonder how they would have fared with all the business tools people have today. It all seems to be in the marketing. The point you make about not being able to stretch to demand without credit is an important one. Many don't think of that -one thing I have learned from helping a few with businesses that failed is never go big too fast or invest a lot of money just to try to keep up with the competition. I worked for a tutorial school that did that against all advice in the eighties and believe this still holds true today.



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menchuuy58

You will easily know you are a success or not by the sales daily, weekly and monthly. It is also known by your net profit.



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Jeane

I particularly like the "solve a problem" point. This is where everyone should start before they even think about creating a product. A product could solve a problem but the next question is, how many people do you suppose would want to use this product to solve their problem?

Determining the size of your potential market and taking into account the existing competition, before creating that product would enable you find out faster whether selling the product will prove to be profitable in the long run.



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theresajane

You are right. Well, yes, it's important to consider if the product solves a problem. But, one must not disregard the number of existing competitors of the product and how many people would benefit from it.



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timothyP

True! This tips are really helpful. They are really on point.



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jaymish2

Great tips. I agree I think that the biggest and most important point about your product is if it can solve a problem. I think that this especially important if you are selling it online, because there is fierce competition. You will find that you will never have a unique product but you can differentiate your product. For example you can sell a key holder that has a light or that beeps so that you never have to loose your keys. If you look online you will fine thousands of key holders, so you need to find one that stands out of the crowd. Carrying out product research is the most important thing you can do for your business and will determine whether your product/business will succeed or fail.



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ballyhara

Agree. As long as you make your product stands up from the common ones, you will see success. Sometimes, that's exactly what I'm looking for, something that offers a little bit more than the rest from the competition. Or maybe not just a solution, but the same product in an original presentation. Even if you make it look different, that will give it another look, and it will attract the customer.



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knnon

Thank you for all the information. It was detailed and easy to understand specially for someone who don't know a thing about those things. I like reading informative contents such as this as it broadens my knowledge.



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theresajane

This is the beauty of threads and forums adls you will learn from different facts stated by the users an different opinions shared by those who have first hand experiences.



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knnon

You're right! Learning is still part of the human life and we shouldn't limit ourselves from learning new things and getting new ideas. The best way to gather more information and learn is to join forums like SEOclerks.



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Youngshark

Nice and awesome tips my friend. I am actually in the process of launching something and I have copy pasted all these points for reference purposes. Thank you so much.



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Judas2018

No one really can predict if something they make or release will 'pop' or not. It's a matter or timing and fate. Some things are easy to spot as a potential success. Other items, it's not so easy. Some things don't start off so great but become more popular with time.



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mhingnhormz

How to know if your product will be successful: Thank you fot the grrat topic, tips and advices. I am also agree that a good quality marketing is one thengraet elway to be a successful it can also make more traffic. And this time giving sample is great idea to because it can also encourage customers ad well to try the product without any money out



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beerthooyah

As long as it is of quality product and the people needs it. I'm sure the product will be successful. It is just a matter of advertising and marketing execution that will determine its success. Find the best way of bringing your product to the people who really needs it.



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amosgwapo

Try selling it to yourself, if you manage it. Sell it two or three people who are very close to you. If they manage to part with a few $$$$ to get your product, then its a good product.



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timothyP

One thing I've learned in the field of business is knowing that "Customer is god". One of the most important things to consider is your customer's satisfaction of your product.You need to assure the quality which satisfy your customers to make them keep on patronizing your product.



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Kakashi2020

As a marketing man with a long experience in selling things I could tell you that the best way for you to know if your product is saleable is by testing the waters. Try selling it to test the market. No amount of research can amount to actual data gathered in selling it.



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Kakashi2020

You can also do some basic marketing tactics like, Sampling, Taste Tests and Demonstrations if and when it's applicable. This is good in testing the market and getting feedback. Such marketing tactics should always be augmented with on-site promotional selling to recoup expenses and to get initial sales data.



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angie828

Hi Tommy! Great tips. This could not have come at a better time for me. I am in the process of starting a craft business. I will be posting things online but also plan on selling them in my town at a local business if all goes well.

I realize that crafting is getting to be a saturated market. There are a lot of talented people out there!

I also think that it will help if my prices start out at a lower price. I plan to do this to get them hooked in, and once my business is off and running, I will most likely raise the prices a bit.



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Corzhens

Based on my experience the market study is done to check on the success probability of the product. It is common to see new products in the market doing a sample demonstration by giving small quantities of their products to the public. That is one effective way of advertising the product although there is no assurance that the product will sell if the people who sampled the products say that it is good.



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kaka135

Thanks again for your great advice. I was thinking to set up a home business to sell handmade crafts and handmade soaps, but I haven't really spend time doing so. These few tips will help me to consider whether I really can start the craft business. Though I think there are still market for handmade crafts and soaps, I don't think I would like to lower the price as it takes lots of time and energy to do the handmade stuff.



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TeejObsena

Start With your friends and family. The vast majority of market research starts with discussing the idea for your product or service with the people in your life. This conversation can be done informally, over a meal or in the car, or it could consist of a more targeted brainstorming session, trying to mine the best ideas to enhance your creation. In general, you just want to get a feel for whether or not your idea has legs. Do other people think that there is a need for it? Would they spend money on it? Is the product something you could deliver?



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