Evaluating the potential of a product or service is tricky business. What makes one product stand out from another in the market? While there are many qualities that make a good product, there is one thing that separates the stars from the wanna-be’s… The product must speak for itself. If a product can quickly and easily demonstrate to a potential customer why the customer has to buy now, that’s a winner.
Want to know if a product will sell? Use these seven points to evaluate its potential.
#1 What Problem Does the Product Solve?
This is the first question to consider because without a problem there’s nothing that will sell any product. People act to avoid pain or seek pleasure. A product must easily show prospective customers that their lives will be better, substantially better, simply because they bought it. Just a word of caution here… the problem must be compelling. People have to feel like the problem is huge, overwhelming, and that this product is the only way to solve it. They need to know that without it, their lives will be miserable. This is the USP (unique selling position) and it is essential to know this before taking any other steps.
#2 Can the Product Give Instant Gratification?
The world is fast-paced. Waiting isn’t an option. TV dinners, the microwave, and drive-thru restaurants are evidence of this reality. To be a success a product must promise instant results. Back it by a money-back guarantee and it has real potential.
#3 Is the Product Demonstrable?
It solves a problem instantly. That’s great. But the reality is that a picture is worth a thousand words. People believe what they see. Show folks what the product does in a compelling, dramatic way, so they want to buy.
#4 Can it Be Manufactured at a Price Consumers Can Afford?
It’s important to consider manufacturing costs when designing a product. Products that do well create a perception of value without breaking the bank.
#5 Does the Product Have High Perceived Value?
Perceived value is an important motivator. Does the product do more than one thing? Can it do the job of seven different gizmos? Does it look like a million bucks but sell for five? If not, change the design.
#7 Are there Similar Products in the Marketplace?
Be sure to research the competition during the product development phase. While there are new ideas, many products simply improve on an existing concept. They do more, better, faster than their predecessor. Is the product one of a kind? Or is it a me-too? It's important to know the answers to these questions from both a legal and marketing perspective.
Pay attention to need when designing any product. Start with a solid idea then connect to a need in the customer. Take the time to test the product and be willing to listen to prospective customers when they evaluate the product for themselves.
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