The majority of businesses have one objective i.e., to diversify and make more profits. And that’s not possible by manufacturing, supplying and marketing only one product and service. Customer needs change, and the market is competitive. To thrive and keep doing good business, you have to come up with new products. Marketing your business idea needs to be backed up by research and other smart promotion tactics. At times, businesses launch a new product or service, untimely, or in a rushed way. When a new product or business idea fails, you lose money and end up paying for your losses than expanding your business. Hence, business owners and entrepreneurs need to devote to cultivate and act correctly on every business idea.
The signs that you’re ready
Do you have a new business/product/service idea? If yes, then you must be getting excited to work on it and bring it to the market for the users to opt-in for it and share their feedback. The question here is, should you go ahead materializing it? Eric J Dalius, a marketing professional shares a few signs that suggest whether you should go ahead or hold on to your plans.
- Listen to your gut
Nervousness is evident when you are about to start a new project or market a new product. But before you start working on it, listen to your gut. If you feel that you need more work on it, wait for a while, and follow your intuitive nudge.
- You have a favorable customer dipstick
Generally, before working on a new business plan or idea, companies use a customer dipstick to understand the demand for the product or service. For instance, if you plan to come up with a herbal hand cleaning liquid soap or an advanced vacuum cleaner, you need to know whether there is a market for it. The customer survey or dipstick helps you to know this. If your dipstick shows a 75% curve towards the new product you want to launch, go ahead with it. If its 50% or less than that, it’s best that you spend some time researching the same.
- The time is correct
How do you know whether it’s the correct time to launch your new product? EJ Dalius asserts that it’s an understanding that business owners and entrepreneurs have after reading the market survey reports, observing the market and business trends, checking out what other market players have to offer, and realizing their product’s potential. Here it’s essential to leap of faith, but keeping the other two factors in mind.
- You have a voice and a signature
Other than promoting new products and making profits, brands need to work towards having their signature. A distinct voice distinguishes one brand from the others. Once you have this voice, you can launch a new business idea and create a demand. But before that, assess whether customers respond to your brand differently than others.
Materializing your new business idea will take time, effort, and money! Hence, use the factors mentioned above to go ahead when you’re prepared.