Why So Many Businesses Close Down After Just a Few MonthsApril 16, 2019
Tips for Making the Ultimate FAQMay 14, 2019
Everyone has at least one great idea in them. Some wonderful product or service that could change the world as we know it. The problem is that not everyone gets to profit from those ideas, because they neglect some basic questions. A pre-sale marketing campaign is an important step in the branding Brisbane process because it gives you the chance to answer several important questions, including;
Is my Product Really Sellable?
The first thing you have to ask yourself is if your product is even sellable. Not every idea is one that can make money. It could be that you’ve come up with an idea that people wouldn’t actually be willing to pay for. Or maybe it’s something that would be difficult to make and sell. Before you go all in with your idea, Branding Experts recommend sitting down and determining just how sellable it really is.
Who Will Buy It?
Different products and services have different audiences. Who is your target audience? Who do you want to buy it? How old are they? What do they do? What can you help them with? The more you know about your potential audience, the easier the branding Brisbane process becomes. To paraphrase Sun Tzu, “If you know the audience and yourself, you need not fear the results of doing business.” Knowing the audience also helps with things such as marketing and where to put your product. Speaking of that…
Where Can I Sell It?
Knowing where and how to sell your product is a vital part of doing business. Do you know where you’ll be selling it? Do you plan on opening a physical location? Do you want to sell through e-commerce? Do you need to keep an inventory? You must know where you can sell your product so that it reaches the intended audience. You could have the best idea ever, but if you don’t put it in front of the right people it’ll never sell.
How Much are People Willing to Pay for It?
No matter how good an idea is, there will always be a limit to what people are willing to pay for it. There are far too many companies that have priced themselves out of the market because they didn’t understand how much people would be willing to pay for their products. This is another area where you should consider your audience. If you are planning on catering to low-income people, you can’t charge too much. Ask around and get a good idea of how much people would be willing to pay for your idea.
Can I Really Make a Profit?
Once you have an idea of how much people would be willing to pay for the product, you are in a position to determine whether or not you can really make a profit from it. You need to be able to make a profit to stay in business after all. If it turns out that people aren’t willing to pay much for your product, but you still have high production costs, then is your idea really that viable? Consider how much profit you can make with your idea.
Failure to Prepare is Preparing to Fail
You should know the answer to these questions before starting up your business. One of the saddest facts of doing business is knowing how many businesses fail in their first year. Branding Experts can help you answer these questions and ensure your business gets off on the right foot.