Six reasons why your product may sell inspite of the competition
It takes a Herculean effort to conceptualize and create a new product. The uncertainty, the comments from people who are divided into “It will work ” and “It won't” becomes energy draining. Some people will point out that market is littered with such products , while others say that there is a need for another good product.
A few questions that spring to mind
What makes customer actually buy the product?
Is it only a need which a product can fill?
If yes, why is marketplace full of almost identical products?
If the need was already fulfilled, why is there so much competition in every segment?
It is very hard to tell if a product will indeed be successful. Market research may tell you about the demand for the product but even it can also not tell if your product will be successful.
Here are a few ways in which you can get a head start and even sell the product in a saturated market. How do I know? I have created a social media plugin which has sold a good number of copies in a market where there are tens of free products available.
#1 : You already have a customer
The best thing that can happen to you is when a potential buyer asks you to create a product for them. This the best thing that could happen. You are developing a product that already has a buyer and he/she is willing to pay for its development too
#2: Your product is indeed different
You have a product that does something, no one else does. Evaluate the best products and determine the single most important thing they miss out on. You can also ask the users, what is that the current products lack. You can build a whole new niche around that new segment.
#3: You get testimonials that are genuine
To get testimonials, give people free samples or trial time to try your products. Don’t expect them to buy your product instantly. Ask for recommendation. And no, your friends' views don’t count as testimonials.
#4: You have priced them right
In a competitive market, pricing needs to be competitive. If you ask for premium, you need to justify it. In a new market depending on the need you can price the product high. But when the competition increases, you will either have to decrease the price or you will have to raise the quality bar to get a premium price.
#5: You invested your time in building relationships
If you invested enough time in building relationships, people will buy things on your recommendation. It is a good idea to build some solid relationship with people/leaders in the industry.
#6: You are good at what you do
Steve Jobs was such a person. His mere presence made people rushed to buy products from Apple. There are top authors whose books sell because they have worked hard to build their reputation over the years. If you are good at something you do, showcase it and your product will sell because of your reputation.
Selling your product or service is a long hard work. You can sell your product in a highly overcrowded industry provided you play your cards right. I hope the points above helped you to get a perspective on selling your product.
No, your friends don’t count as testimonials.