Feb 12, 2015
In working with clients to get products to market, I go through a series of reality checks. And, one of the hardest realities is that you really can sell one of anything…to somebody. The “trick” (and how you build a sustainable business) is selling more than one, over and over.
So, here are some of the reality check questions we work through.
1. What makes your product better than others already on the market? Is it a lot better? How? Can we translate that into value? How can we displace products already out there with target channels?
2. What’s your pricing model? If you’re going through third parties, you need to build in margin at every level, with very conservative cost and revenue projections. Better to be pleasantly surprised that you make more profit than projected…than have an “oh crap” moment when a major, much needed distributor won’t budge off their price demands (they don’t need you; they’ve already got a big biz)....or that it costs you more to provide tech support than originally estimated.
3. How much money do you really need to make? Is that realistic? How did you get to that figure? What happens if…(It always takes longer and costs more to get to market.) Better to dominate a profitable niche than lose your dollars (and mind) in a mega market.
4. How do you plan to support the channel for marketing and support? For example, if you’re still working a day job, you can’t provide top tier tech support 7/24.
5. Who do you (already) know? Sure, we can do detailed market analysis (and should) but in the early days, if you can get a warm intro to a key channel partner, that’ll go a long way to getting you up, running (and profitable) sooner.
Related posts from the archives:
Mind Share Before Market Share
Markets, Markets, Markets EVERYWHERE!
What’s Your Secret Sauce?
The Boring Bits of Marketing
Why You Should Talk to People Who Don’t Know (Love) You
Amateurs Talk About Strategy
Strategy Blind Spots
Before Evaluating New “Target Demographics”
The Strategy Disconnect
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Contact Mary Schmidt Today!
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