by Tanya Ganian
Tuesday, May 30, 2019
(TRANSCRIBED FROM AUDIO)
Speaker 1: (00:03)
I want to talk today about a post. I had on IGTV this past week called the Three things you should do before you decide what product to sell. A couple had approached me with an idea for a business – they wanted to sell baby products online and they had already developed the feature product that they wanted to use to launch their company. Other than that product, they had no real business name.
Speaker 1: (00:57)
They had no marketing set in place. They hadn’t done any type of research whatsoever. They just knew and loved this idea and this is what they wanted to go with and believe it or not, over the last 20 years that I’ve been launching businesses for clients, this is how most entrepreneurs start.
The difference between 20 years ago and today is we have so many platforms where we can test ideas. Before we even go into production. Twenty years ago, you would have had to have a prototype set up and a focus group, whereas today it’s the actual opposite. Before you even go and have a prototype, you can basically launch the idea online to followers interested in the same industry as the product that you’re trying to develop or that you want to develop and decide whether it’s a great idea or not.
Speaker 1: (01:58)
So the way to launch a product today is very different than the way it was 20 years ago before social media, before Facebook advertising, before search engine optimization, there are many ways that you can decrease the chances of developing a product that’s not going to work and do a lot of valuable research online. So I want to talk today about the three things that you should do before you go into production.
The first thing that I suggest that you do is you build your audience. Building your audience before you build your product or decide on your product is going to give you the opportunity to see whether that product is something the industry needs or something that you think the industry needs. If you have a great idea for a baby product and you want to develop that idea, one of the things that you can do is follow hashtags that’s relevant to the industry.
Speaker 1: (02:53)
On Instagram, you would follow a mommy hashtags, a mommy group, hashtags, baby product industries, companies that are already developing baby products, and then you can start to follow those followers. So you would click the option on top where it says followers and follow the followers that are following these products and start building a relationship with potential clients.
On Facebook. you can follow mommy groups online and engage with the group and I know it sounds like a lot of work but it’s much, much cheaper than developing a prototype and hiring a focus group that doesn’t always get it right. You would connect to actual moms or actual owners of baby product companies that have had the experience that maybe I’ve had the idea, maybe have had the product and you’ll be able to bank on that experience and information and that kind of research.
Speaker 1: (03:55)
Another thing you can do while you’re building your audience is posting relevant images and graphics that have to do with your baby product or your idea and use hashtags to determine exactly how popular they are before you hashtag any posts. Instagram is going to give you an idea of how popular those hashtags are and you’ll be able to decide whether this is something people are looking for or not or something relevant and you can follow those hashtags as well of course, and that serves as a great research platform before you go into any kind of production and develop your idea. The second thing that I suggested was validating your idea. So once you have a good following and you’ve surrounded yourself with owners of companies that are relevant to your product and potential clients and you’ve immersed yourself in Facebook group ads that are relevant to your idea and your product, you can bounce ideas off of them.
Speaker 1: (04:53)
Is it a viable idea? Is it something that you need to market? Is there something already available out there that somebody has already developed that you can improve on? These are great ways of validating your product. One great way of validating your product is to solicit 10 people in that industry and send them a questionnaire. You can have them sign a nondisclosure agreement and you can ask them 10 questions about your product. Would you buy this kind of product? Do you see a need for it? How much would you pay for this product? This is your own market research. You’re now conducting your own focus group before ever developing any kind of prototype. The third thing that you should do before you decide what product to sell online is to build your story. Story building in branding, they really run alongside each other. Your story is what your audience is going to fall in love with before even considering purchasing your product.
Speaker 1: (05:50)
What do you stand for? What do you believe in? What makes you different than everybody else? Why do you buy into one person and not the other? You’re going to resonate with a certain group of people. Competition won’t matter. Instead of focusing on how many competitors you have and how saturated the market is, concentrate on resonating instead with a small niche, a smaller group of people who are going to fall in love with your idea of fall in love with your product, falling in love with your story, and then you can build from there. You know, one thing that I hear over and over again with all business owners is how saturated the market is in whatever product they want to sell in whatever industry they want to go to. I think I’ve said this before, every single industry is saturated.
Speaker 1: (06:56)
It doesn’t mean that it’s not going to work and it doesn’t mean that doesn’t need your input. You come with your own set of experiences and you come with your own story and your own perspective and your own way of selling a product. Focus on what makes you unique instead of convincing yourself that your product is exactly like everybody else.
Speaker 1: (07:43)
Think about what makes you unique and what you’re going to bring to the market instead of focusing on how many other people are doing it. So I hope that sheds a little bit of light on some of the things that you can do before launching a product so that you feel more secure when the time comes. You believe your idea more and you’ve actually done some, some field research is backup your idea.