Today’s marketplace is a high-tech jungle where only the fittest survive. It rewards you not because you work hard, not because you have a good reputation (although these are admirable business qualities); you are rewarded primarily because you have a product that customers will buy.
If you come to the marketplace with a bad product, your business will not survive. Businesspeople who did not heed this advice have paid dearly. Our guide will help you choose the right product and survive in today’s competitive marketplace.
Do you have the right product for your target customers?
Choose a product that already has a demand, but emphasize a unique benefit of the product that your competitors are not – called a unique selling point. It should be a product that is consumable so that your customers will come back to buy more.
Are your product quality and durability comparable to your competitors?
The quality of your product is the primary element to which all the other elements are anchored. If you do everything right but have a bad product, you will not have repeat customers. The majority of your customers will be one-time customers, and the bad news about your product will spread like a virus.
Is your product easy to use or consume?
Customers are irritated when they spend their money on an item and cannot get it to work. Next time when they go out shopping, they won’t buy an item that would require the brain of a biochemist to get it to work. Choose products that are user-friendly.
Is the price of your product competitive?
If a customer can buy your product at half the price from your competitor two blocks down the street, why would he buy your product? Look around and do some comparison shopping and adjust your price accordingly.
What is the platform is your product available on?
Do you sell your product on the internet or in a brick-and-mortar store? If you sell on the internet, is your website or blog pleasant to the eyes, easy to read, and navigate? Be mindful that if a visitor to your website is not able to solve a problem that he encounters on your website in 3 seconds, you’ve lost him.
If you sell in a brick-and-mortar store, does the layout of the store give customers easy access to your product? Are the price tags conveniently displayed to avoid having the customer ask for the price of each item? Are your salespeople informed about the product enough to answer customers’ questions? The aim is to give your customers a pleasant experience in the store to make them want to come back again.
On selling on the internet, once your website is set up with quality content and products, nobody will know that you exist until you advertise it. How much it will cost to do so will depend on the type of ad and the competition in your line of business. You may choose to submit your website to Google or major social media platforms and wait for months to have your website pages indexed, or buy pay-per-click (PPC) ads that will send potential customers to your website within 24 hours of signing up.
You will need to know about keywords and their placement on your content pages. When a visitor goes to the internet for information, he types in a word or phrase. The search engine checks through its indexed web pages for websites and blogs with keywords or keyword phrases that match the query and present them to the visitor in order of relevance. Your website will come up, together with other websites, if it provides relevant information to the visitor’s query.
Advertising a brick-and-mortar store normally involves running ads in the local newspapers, radio, or television. Since this can be expensive, you may also want to set up a website or blog and encourage your customers to go there for discount prices and information about your product.
When you attract customers to your website or store, and they buy your products, the next step is to turn them into repeat customers. Ask for their names and email. Because this information is valuable to your customers, offer something for it. Give them a discount on what they are buying or coupons for future purchases in exchange for their personal information.
Your survival in today’s competitive marketplace depends on customers buying your products. If you advertise your business and sell the right products at competitive prices, customers will find you and buy from you again and again and keep you in business.