Selling a new product is a slow process of growth.
Designing or inventing a new product is an exciting time, although this is only one small section of the process of making money with an idea. To make a success of your product, you will have to convince the customer that he should buy it, and that he can't get a better deal elsewhere. This involves a lot of market research, particularly if your product is in an established market. It can be successful, although you will need to persevere in the initial stages.
Instructions
1. Find a gap in the market. This will only come through extensive analysis of the industry. Look at the established, successful companies. Is there a part of their business that they undervalue? What are the strengths of the market in general? Has it responded slowly to the rise of the Internet? Thinking about these will allow you to find a niche. For example, if you think that beer companies have overlooked the female market, develop a beer that is aimed at women.
2. Test your product with focus groups. If you are operating on a small budget, asking your friends or family what they think of an idea and whether they would buy a product is a good place to start. Take their ideas on board. They may not be experts in the field, nor will most customers, so their opinions are representative.
3. Write a sales plan. Choose your demographic, and whether you will be selling to trade or to the end-user. Choose also how you will sell, whether it will be face-to-face or using the Internet. Write sales targets for each of your first six months. Be ambitious, but not overly optimistic.
4. Make your product and service as good as possible in the first six months. If a customer isn't happy with a product, give him a full refund. Building a good name for yourself involves acquiescing to demands such as this. Make sure that your product meets all advertised claims. For example, if your brand of beer is advertised as containing fewer than 100 calories, then ensure that this is not a misleading claim, or you will greatly damage your brand's reputation. In many respects, the first six months of selling are the last six months of testing, and you will find areas in your business plan and product that you will change for the future.
5. Sell to large retailers that will be able to offer you large-scale, regular sales. Prepare a presentation stating the number of sales you have made in the first six months, and the prices you are planning on selling to retail for. Even if your sales haven't been rapid, a steady stream of sales will show a market for the product, meaning that retailers will be interested. Getting retailers involved will greatly increase your market share, visibility and distribution.
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