Choosing a Product or Service to Sell
How to choose the product?
This one question of which product and service to sell comes certainly to almost every business owner at the start of business,
And it is one of the important questions you have to figure out,
because this is one of the critical decisions you are taking on which your entire business is going to run.
Actually finding the product market fit is as important as your health for you,
And to choose the right product one needs knowledge and a system to define it.
Lets us first understand the wisdom factors on which a successful business depends:
The business has a responsibility to fulfill the people’s needs,
and provide the best solution to society to ease life and processes.
see, business is a game of analysis and framework, and the analysis says that
businesses have to think from the customer’s perspective.
because business is ultimately running for consumers
and if we provide the product and services that customer demands,
you are ultimately strengthening your business on the success path.
as you go finding customer demands, in a particular industry
you also started getting the result that
either the product or idea you had thought is going to run or not,
you get the answer either the solution you are creating
is solving the problem, or even the problem is considered by society.
also, you have to consider the factor like competition, scalability,
potential, market condition, processes to create the product,
it’s finance, etc, and all other macro-environment factors
as well as all internal and external factors to analyze.
and then see whether the product and services that you are going
to provide are worthy or not and then take further decisions.
Now, let’s see what types of products and services we can make:
- an innovative product that belongs new industry and solves some good problems(eg:- apple, Microsoft)
- a new product and service that ease the processes in life(eg:- Ola, Oyo , etc)
- a product or service that entertains (eg:- pubg, ott platforms, etc)
- a product or service which comes with new features on existing products(eg:- boat)
- a product or service that belongs to an existing product (eg:- any FMCG product of an existing category, retail market)
- An opportunistic product (eg:- mask and hand sanitizer at the covid time)
These are some major types of products and services running in the market.
System or method to choose the product market fit
1. start market research, click here for how to do market research
2. first discover the problems you face in your real life and
also in the field, you had worked or are familiar with
3. then start seeing that industry first.
4. then see every possible industry and figure out some problems,
demanded product in that industry, growth of particular
industry and customer demands in that industry.
5. decide some products and services and start testing them, click here for how to test
7. after that find the customer demands, customer frequency, potential, market opportunity, growth, and competition
8. then after all of this research about resources you needed to create or buy it, and is the business idea has the potential to get funding or not
9. then go deeper and find to whom you are going to sell the product.
10. is there any reason for which a customer can reject the product
11. How this product can help customers and get scale
12. find the how much price you are going to charge and also get a profit
13. how you are going to sell the product
14. in which location you will start selling the product?
15. find out the required services as well as competitive services.
10. at last after all of this you will have your market-fit product with you.
So As always, I tried to cover all the points for this topic which will help to create a successful business,
and I again remind you that just knowing things cannot help you,
for real success, you have to execute the plans.