marketability of your products

Entrepreneurs are inventors. They are innovative and creative thinkers who spot gaps and try to fill them with useful solutions. But how do they become financially successful? How do they get their product or service to make money for them and their families?

The answer is rooted in their products’ marketability. Entrepreneurs firstly have to make sure that although their product is in reasonable demand presently, it needs to continue to be desirable in future. Secondly they have to insure that their product or service is something that has marketability and is able to be sold because people want to buy it.

Product marketability for the successful self-employed entrepreneur

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Before you can work on product marketability though, you have to determine the level of marketability your product possesses. A Marketability Evaluation considers whether the product is competitive with other products currently on the market. The product should be able to fulfill the consumer’s needs or desires; be manufactured and sold for the right price that is profitable; have an established market opportunity.

 

Determining a product’s marketability can be as simple as forming your own objective and reasonable opinion about your product or gaining some constructive feedback from a colleague. Focus your marketability model on four simple, yet effective aspects, namely:

 

  • Features or Qualities

Product features sell, as simple as that. Customers look for added options, variety and improvement on existing models. They shop around and compare manufacturers for that unique combination of style and functionality which makes a product stand out from the rest. Your product’s distinguishing features can become the basis of its marketability appeal.

  • Functionality

Creating an undeniable functional requirement for your product in the everyday lives of targeted consumers improves its marketability significantly. Once you have established the product’s absolute necessity in relation to a customer’s daily routine, promoting it becomes and a simple exercise of underlining your product-features.  

  • Entry Price

The correct selling price of your product does more than simply determining into which segment of the market you should be selling. It enhances your product’s marketability by making its worth realistic and its value clear-cut.

  • Original & New or Household Name

Both old & trusted as wll as new & innovative can work wonders for your product’s marketability. Understand which offer your product best personifies and market it along those lines

What factors contribute to product marketability?

 

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To develop a market a new product can be challenging. A fine balance exists between targeting the right customers with the correct product and message at the most opportune time. Effective market research needs to be conducted to understand consumer needs and how efficient promotional strategies need to be put in place.

 

  • Marketplace Need

The first step in marketing is to research the marketplace to discover needs and preferences. Use customer surveys to identify what customers want. This knowledge is useful in designing products that provide clear advantages to customers relative to competitors.

 

  • Product Benefits

Knowing what consumers want and how to market the benefits of a product is a great start. However marketers who are not involved enough in product design and development phase can misinterpret practical elements of product benefits. A marketing function out of tune with critical development aspects could lead to a situation where a product becomes known to “over-promise and under-deliver”.

 

  • Clear Advantage Differentiation

On occasion a quality product alone doesn’t necessarily do the trick. In developing and promoting products, you want to focus on one or two key advantages or distinctions that clearly separate your brand from competitors and those customers can appreciate and relate to.

 

  • Effective Promotion/Advertising

Even with a great product, poor promotion can lead to marketing failure. Choosing the right media to connect with target customers and creating impacting messages that appeal to customers in the right way are critical steps to promotion success.

Some helpful ways to evaluate your product’s marketability

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Marketability and online “searchability” go hand-in-hand. Therefor it would make sense to test the marketability of a future product, but at the same time to also investigate the “searchability” of all similar existing products on the market. The tools below will remain useful throughout the life of any business:

 

  • Keep an eye on the opposition

Do a very simple Google search to see what is out there, which is probably what your future customers will be doing as well. Familiarize yourself with products, performances, reviews and sponsored ads to be able to improve your product every chance you are presented with.

 

  • Loads of similar products on the market is a good sign

A saturated market is a great market as it shows that there is a huge demand for the product you are passionate about. They key to penetrate such a market is by introducing people to your unique and individual brand.

 

  • Be alert to trending topics

Whatever product you make or sell, chances are good that a variation of it will trend on TV or social media at some point in time. Whe that time comes, make sure that you cling to the trend like crazy and attempt to secure as many new customers int his time as possible. Make use of blogs with effective keywords, Pay-PerClick advertising while products are trending and tweet at your audience using correct hastags.

 

Tips on improving marketability of the products for the self-employed entrepreneur

 

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The marketability, popularity and success of your product can only ever be reasonably expected to improve by way of 5 dynamics:

 

  • Adding new features

Product expansion is great in that is often the only way non-clients hear about your product and possibly become customers. The correct features to add need to be identified though to make sure it is added benefits that consumers are looking for.

 

  • Improving existing attributes

Improving on current capabilities must always have a positive customer-experience at the heart of the exercise. Whatever you do to the product must insure that the users get more value out of using it.

 

  • Great, sustained customer service

The service you give to your customers must be second to none and it must be the “talk of the town”. Going the extra mile for clients and having them talk about it in the form of testimonials is an idirect but extremely effective way to improve your product’s marketability.

 

  • Valued consumer feedback

Asking customers about their experience in using your product, then utilizing that feedback to make their experience a better one, is a sure-fire way to make your product more desirable. Customers know that you understand their needs and cater to those needs specifically and effectively.

 

  • Product Adaptability

Watching trends and keeping a close eye on changes in contemporary styles can help your product stay relevant, but only if your product can adapt easily and quickly.

In conclusion

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In conclusion, product marketability resembles more of a well thought through process that precedes any form of market entry by a healthy time period. If however a product has already been launched into the market, understanding marketability can assist greatly in improving the success of that product.