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The 5 Key Factors To Consider Before Launching A Product, Service or Idea
by Robin D Haywood
Locating the right products to sell online or off-line, one must clearly understand what people want to purchase. The right choice of product, service or idea followed by the demand in the current market and the competition or market share determines the product, service or idea's longevity in the market.
"What should I sell? What products are best-sellers?" Many people ask these questions and many are trying to find an answer so they can make an informed, intelligent decision. If one truly wants to know the answer to these questions, research is the way to find it.
There are all kinds of triggers and false evidence along the trail to mislead one into thinking they have an idea that is in high-demand. Understand this; a product, service or idea must satisfy the needs, wants and expectations of the customers or it will be a flop.
There are five basic key factors to consider before launching a product, service or idea; the need, want and expectation key factor, the competition key factor, the interest key factor, the advertising key factor and the analysis key factor. Let us get started, shall we?
Need is the fundamental question consumers ask themselves before each purchase. Another name for Need is the "qualifier or gatekeeper" factor in a purchase. Want is the next question a consumer will ask, also known as the "determiner" factor in the decision-making process. Expectation pulls both the need and want together to determine its value or worth to the consumer. Expectations and wants are closely related and are invaluable when products, services and ideas are similar.
Following the basic demand concept will clear the path to understanding the importance of use, language, understandability and affordable pricing. These ideas are applicable to Internet Marketing, Teleseminars, Webinars, Blogs, Pod casts and the list goes on.
The internet is no longer just a way to keep in touch, but a tool, when used properly, that will change the way businesses advertise. The demand concepts are basic and equally important to online and off-line marketing.
The second key factor to consider when searching for a product to sell is competition or market shares. Competition level or shares in the market mean the ratio of the brand sales versus the market sales. Consumers decide the competitive frame when exercising their power to buy, while companies define its target competitors.
Therefore, choosing the right segment of the market where one can have a leadership or competitive stance is critical. The objective of business is not just to satisfy the needs and wants of the consumer but to profit as well. Otherwise, the competition will satisfy the needs and wants of the customer.
The third key factor consideration when searching for the right product, service or idea to sell is the level of interest. Interest paints the whole picture and determines where the demand and competition numbers will fall. Simply put; no demand, no competition and no profits. The research must continue in order to find the right product to sell.
The fourth key factor consideration is advertising. Learning how others are advertising the product will help determine if a product, service or idea is marketable. If there are a good number of similar products in the market, this is possibly a good match.
The final key factor consideration in the process is analyzing and evaluating the data collected. Now, weigh all the key factors and determine marketability of a product, service or idea.
Summary of the key factors:
(a) Enough demand, enough purchasers
(b) Not too much competition, enough profits to share
(c) Not too much advertising keeps down the price and competition
(d) Enough interest, combined with high demand, means good market share
Dwayne Golden, founder of the Best of Best Teleseminar, hosts a free conference call Thursday Nights at 9:00 PM. The number is 218-486-3695, access code 153388#. The beauty of teleseminars is that you get valuable information without leaving home or doing a search online and receiving more than you need or not enough information.
This is how I built my businesses and got questions answered through teleseminars with Les Brown, Jim Rohn, Dwayne Golden, Dr. Fran Harris, Jeffery Combs, Jerry Clark, Artemis Limpert, Myron Golden and many others just to name a few.
Robin D Haywood, in February of 2006, ventured into her first Network Marketing Company and reached the top-paying level in less than a month. In August she made the decision to retire from Real Estate which had been a part of her life since l989.
Now she and her husband Ken are Internet and Network Marketers, Business Coaches for the Married Folk and e-Motional Speakers. After attending the Dwayne Golden Internet Marketing Boot Camp, a $3500.00 course, Ken will soon retire from his 6-figure government job. RK Haywood Enterprises Incorporated (RKHEI) formed in 1996 and the non-profit focuses on troubled youths as well as mentoring, coaching and training programs for Veterans. They both served in the Army and are disabled Veterans.
Get more information on the next Dwayne Golden Internet Boot Camp coming on October 26 and 27. Find out how you can attend the Boot Camp FREE! Just call or email them.
Yours in prosperity and success,
Robin D Haywood, CEO
301-335-1609.
Locating the right products to sell online or off-line, one must clearly understand what people want to purchase. The right choice of product, service or idea followed by the demand in the current market and the competition or market share determines the product, service or idea's longevity in the market.
"What should I sell? What products are best-sellers?" Many people ask these questions and many are trying to find an answer so they can make an informed, intelligent decision. If one truly wants to know the answer to these questions, research is the way to find it.
There are all kinds of triggers and false evidence along the trail to mislead one into thinking they have an idea that is in high-demand. Understand this; a product, service or idea must satisfy the needs, wants and expectations of the customers or it will be a flop.
There are five basic key factors to consider before launching a product, service or idea; the need, want and expectation key factor, the competition key factor, the interest key factor, the advertising key factor and the analysis key factor. Let us get started, shall we?
Need is the fundamental question consumers ask themselves before each purchase. Another name for Need is the "qualifier or gatekeeper" factor in a purchase. Want is the next question a consumer will ask, also known as the "determiner" factor in the decision-making process. Expectation pulls both the need and want together to determine its value or worth to the consumer. Expectations and wants are closely related and are invaluable when products, services and ideas are similar.
Following the basic demand concept will clear the path to understanding the importance of use, language, understandability and affordable pricing. These ideas are applicable to Internet Marketing, Teleseminars, Webinars, Blogs, Pod casts and the list goes on.
The internet is no longer just a way to keep in touch, but a tool, when used properly, that will change the way businesses advertise. The demand concepts are basic and equally important to online and off-line marketing.
The second key factor to consider when searching for a product to sell is competition or market shares. Competition level or shares in the market mean the ratio of the brand sales versus the market sales. Consumers decide the competitive frame when exercising their power to buy, while companies define its target competitors.
Therefore, choosing the right segment of the market where one can have a leadership or competitive stance is critical. The objective of business is not just to satisfy the needs and wants of the consumer but to profit as well. Otherwise, the competition will satisfy the needs and wants of the customer.
The third key factor consideration when searching for the right product, service or idea to sell is the level of interest. Interest paints the whole picture and determines where the demand and competition numbers will fall. Simply put; no demand, no competition and no profits. The research must continue in order to find the right product to sell.
The fourth key factor consideration is advertising. Learning how others are advertising the product will help determine if a product, service or idea is marketable. If there are a good number of similar products in the market, this is possibly a good match.
The final key factor consideration in the process is analyzing and evaluating the data collected. Now, weigh all the key factors and determine marketability of a product, service or idea.
Summary of the key factors:
(a) Enough demand, enough purchasers
(b) Not too much competition, enough profits to share
(c) Not too much advertising keeps down the price and competition
(d) Enough interest, combined with high demand, means good market share
Dwayne Golden, founder of the Best of Best Teleseminar, hosts a free conference call Thursday Nights at 9:00 PM. The number is 218-486-3695, access code 153388#. The beauty of teleseminars is that you get valuable information without leaving home or doing a search online and receiving more than you need or not enough information.
This is how I built my businesses and got questions answered through teleseminars with Les Brown, Jim Rohn, Dwayne Golden, Dr. Fran Harris, Jeffery Combs, Jerry Clark, Artemis Limpert, Myron Golden and many others just to name a few.
Robin D Haywood, in February of 2006, ventured into her first Network Marketing Company and reached the top-paying level in less than a month. In August she made the decision to retire from Real Estate which had been a part of her life since l989.
Now she and her husband Ken are Internet and Network Marketers, Business Coaches for the Married Folk and e-Motional Speakers. After attending the Dwayne Golden Internet Marketing Boot Camp, a $3500.00 course, Ken will soon retire from his 6-figure government job. RK Haywood Enterprises Incorporated (RKHEI) formed in 1996 and the non-profit focuses on troubled youths as well as mentoring, coaching and training programs for Veterans. They both served in the Army and are disabled Veterans.
Get more information on the next Dwayne Golden Internet Boot Camp coming on October 26 and 27. Find out how you can attend the Boot Camp FREE! Just call or email them.
Yours in prosperity and success,
Robin D Haywood, CEO
301-335-1609.
