How To Scientifically Choose Your Market Part 2 by Zama Zincume
In this 4-part series of scientifically choosing your market, you are going to be exposed to the nitty-gritty of niche marketing. This will remove the mystery of finding the right market for you.
To be a maximum achiever is to be a student of what motivates people and learning to discern the wants behind the behaviours of the masses. Zig Ziglar says: “You can have everything you want if you help enough other people get what they want.” It has been proven that everybody wants something; you only have to find out what they really want and give it to them.
There are few things that you’ve to take care of first. Who you are will determine your success in the product you have chosen. In other words your skills and abilities will enable you to know the product or service that you are passionate about.
There are other instances where you will sell a product because of need in your market whilst you are not passionate about. The important thing here is for you to discover the “why” of selling that product. This will give you the enthusiasm and persistence that is needed to succeed.
IDENTIFYING YOUR NICHE MARKET
You cannot be just “one among them”. You have to meet the needs of a certain group of people with their peculiar interest in their own subculture.
A word of warning: do not reinvent anything you for your product or service. There are few things you have to do in order for you to identify your niche market.
- Acknowledge your skills, abilities and talent. The skills you have or those you have acquired in your work experience will play a big role in knowing which market to tap into. You might have abilities you have not used in your work situation, however, these have been there and nudging you to branch out and live your dream. Use them effectively in identifying which market and what product to pursue.
- Look at the current trends. What is the economic situation? What media are you going to use for selling and marketing your product? What is currently selling and is in demand by the hungry market. The biggest mistake you can make is to develop a product or service without researching the trends and marketability of your product.
- Do an intensive research on the market you want to be in. Research your product or service thoroughly. Is there a market in place? Are there people buying the products you are interested in?
If you are going to use the internet as a medium for selling your product, you have to check the best products in Amazon, Clickbank marketplace and other internet marketers. Remember, for you to succeed you need a market that is hungry and responsive to your product.
HOW TO SELECT THE RIGHT PRODUCT OR SERVICE?
Your sales, success and profitability depend on your ability to select the right product suitable for your customers and your business.
Scientific evidence has shown us that companies become successful if they choose a product that fits into these three aspects
- A product that is sold by the company where there is passion and greater belief in the product itself.
- It must have the potential to be in the top 10 percent in the market.
- The product that has been chosen is to be profitable.
Businesses fail because they sell products they are not passionate about, the product itself is not good and the product is not profitable.
Remember, always think like a customer. Can the customer be interested in the product? What about buying it? Is it possible that the customer can buy the same product from a competitor?
You have to do thorough research and development of your new product or services. Failing to do so will be a stumbling block to your profit.
HOW TO FIND NEW PRODUCT IDEAS?
The Internet has created an avalanche of information explosion. The intense competition prevailing in the current economy is opening the floodgates of ideas to meet the demands of society.
Great fortunes have been created with new inventions and new technology that has been developed. The fax as we know it is becoming obsolete. Sending money by post is vast becoming a thing of the past. New ideas and new products are coming in the market.
- Familiarize yourself with current developments. You will attain this knowledge and information through reading. Going through MyGoals.com can give you a variety of ideas as far as product ideas are concerned.
- Read business publications. What news stories are you finding in your business magazines and newspapers? Read the Financial Mail, Business Week, Wall Street Journal any other financial publication in your area.
- Travel with your eyes wide open for new opportunities. You have noticed that many people have become wealthy through selling the products they saw when travelling overseas. Some have taken the local product, patented it and placed it in a reliable distribution network.
Are you aware of the current consumer trends? What are their tastes?
GIVE THE LADY WHAT SHE WANTS
Vic Hammond, Former Chief Executive of Edgars once said: “Give the lady what she wants.” Any top-performing company regard marketing and sales as their central pursuit. They are not just driven by their managers and shareholders but what the market itself want.
Your success will depend mostly on how you segment your market for your particular product. Let us clarify the difference between marketing and selling.
Marketing is the process of lead generation. It encompasses everything you do up to the point of sale. When you have the product idea in place, you have to think through of every element of the marketing mix before you take action. The elements referred to are product, price, place, promotion, packaging, positioning and people.
- What skills do you have? The field of your operation might be full of opportunities. It’s possible that you may be staring at a million dollar idea waiting to be tapped. What knowledge do you have? Your experience, interest, or your current job.
- Are there any problems you’ve solved? You can market a product that explains the solution to the problem you or someone else has experienced and was able to find a lasting solution.
Apply these principles and identify the market that will suit your way of living.
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