Developing Your Product Or Service
Ask any successful business owner what they feel is most important and they will undoubtedly answer, "product development." When you are developing a product or service for customers, you need to tap into their minds. While you feel your product is exceptional, your potential customers might find room for improvement.
Before launching your business, ask around. Ask people what they think of your idea. If they seem interested, develop your test product and then let them use it for a week or two. Listen closely to their feedback at the end of the trial.
Head back, make any changes to your product or service and then hit the streets again. You may need to repeat this process numerous times, but the more feedback you get the stronger your product will be. Not to mention, word of mouth will start spreading before you have even officially launched your business.
In some cases, customers simply will not want what you are offering. This is especially true if you have narrowed your field too selectively. A good example of this is a Vietnamese restaurant that opened in a city flooded with Chinese take-out and pizzerias. The Vietnamese owner figured he had a ticket to success. What he never counted on was that residents in that area were not open to trying new cuisines. They enjoyed pizza and Americanized Chinese foods, but other ethnic cuisines were doomed to failure. Eventually, he ran out of money and his business flopped. Had he expanded his menu to offer a few Vietnamese dishes and some Chinese dishes, he would have found a wider, yet more popular, niche. The same is true online.
- What Makes a Niche?
- Finding Your Niche
- Narrow Down the Business Idea to a Profitable Niche
- Developing Your Product Or Service
- Marketing Tactics
